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Rogers Profits Drop

Tuesday, 24 July 2012 at 07:34

Rogers Communications says profits weakened in the second-quarter as the company faced tougher competition in its key wireless division. The Toronto-based company said Tuesday that net income declined 2.4 per cent to $400 million, or 75 cents per share, off from $410 million a year ago, or 74 cents per share. The results beat analyst expectations on an adjusted basis, with net income of $478 million, or 91 cents per share, which is five cents higher than analysts expected, according to a survey by Thomson Reuters. Rogers has been moving forward with a cost-cutting strategy announced earlier this year as competition in the mobile phone services remains fierce across the country. In June, Rogers announced it was cutting 375 jobs due to tougher competition on all fronts. The reductions follow 300 job cuts announced in March.

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