BCE earned $707 million in profit in first quarter

TORONTO - BCE Inc. reported a more than 30 per cent jump in its first-quarter profit compared with a year ago.

The telecommunications company said it earned $707 million or 82 cents per share for its first quarter, up from $532 million or 63 cents per share a year ago.

The company said the increase was due in part to lower severance, acquisition and other costs, offset in part by higher income taxes and increased depreciation and amortization costs.

On an adjusted basis, BCE said it earned 85 cents per share for the quarter, up from 84 cents per share a year ago.

Revenue totalled $5.27 billion, up from $5.24 billion in the first three months of 2015.

During the quarter, BCE said it gained 25,805 net new wireless postpaid customers and reported a net loss of 35,673 prepaid subscribers. It also added 47,740 net new Fibe TV customers while it reported a net loss of 37,741 satellite TV customers.

BCE is the parent company of BellMedia and CTV News.