04/22/2013 04:21 EDT | Updated 06/22/2013 05:12 EDT

SaskTel had a good 2012: operating revenues up $1.2B, net income $129M

REGINA - SaskTel is reporting a good year in 2012 driven by rapid growth in wireless and Max Entertainment revenues.

The Crown-owned agency is reporting net income of $129.6 million and operating revenues of $1.2 billion, up five per cent, or $56.5 million in 2011.

The higher-than-budgeted net income was driven, in part, by the rapid growth in wireless revenues resulting from Saskatchewan residents replacing their old phones with new smartphones.

The telecom will be handing over a dividend of $84.3 million to Crown Investments Corporation.

Wireless revenues were up by almost $40 million and the average subscriber to that service spends just about $63 dollars a month for it.

At year end, there were more than 97,000 Max customers, up from just about 94,000 at the end of the 2011.

SaskTel s capital spending for the year was $319.8 million, up more than $54 million from 2011.

It says it had to spend that to grow both the capacity and coverage of wireless and wireline networks for the people in the province.