BUSINESS
08/10/2011 07:25 EDT | Updated 10/10/2011 05:12 EDT

Quebecor Inc., Owner Of Sun News, Makes $55.2 Million In Second Quarter

MONTREAL - Quebecor Inc. (TSX:QBR.A) says it made $55.2 million in net income in the second quarter, or 86 cents per share.

That compares with $60.8 million, or 95 cents per share, in the second quarter of 2010.

Quebecor also recorded revenues of $1.05 billion, a gain of up $59.4 million from the same period last year.

Analysts' polled by Thomson Reuters estimated revenue at $1.043 billion.

Earnings per share was estimated at 84 cents.

TVA Group Inc. (TSX:TVA.B), a division of Quebecor, has announced it will suspend its dividend payments as the broadcaster spends more to launch several new channels, including Sun News.

In May, TVA Group declared a dividend of five cents a share to Class A and B shareholders.

Quebecor's wireless business, launched last fall, competes with Rogers (TSX:RCI.B), Bell (TSX:BCE), Telus (TSX:T) and new player Public Mobile for cellphone customers in the province.

Quebecor's strategy is to sell its services in bundles and offers its best monthly cellphone plans to customers that take its home phone, TV and Internet services as well as its wireless service.

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