BUSINESS

Quebecor Q2 Earnings: Earnings Up Slightly But Company Posts $45-Million Loss

08/08/2013 06:36 EDT | Updated 10/08/2013 05:12 EDT
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MONTREAL - Quebecor Inc. (TSX:QBR.B) is reporting a $45.1-million net loss attributable to shareholders and $52.9 million of adjusted income from continuing operations for its second quarter.

The adjusted earnings equal 85 cents per basic share, up from 72 cents per share or $46.1 million in the second quarter of 2012.

The most recent quarter included a $130-million non-cash expense related to the reduced valuation of Quebecor's financial instruments.

The net loss before adjustments compared with a net profit of $65.5 million or $1.02 per share in the second quarter of 2012.

Quebecor is the majority owner of Quebecor Media, which owns a variety of telecommunication, broadcasting and publishing businesses.

The earnings report was issued early Thursday, before a federal regulator was to rule on whether Quebecor's Sun TV can be carried on basic cable.

Read more: CRTC To Decide Thursday If Sun News Will Be Mandatory

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