Canadian telecoms network operator, Telus has reported first quarter 2010 revenue of C$2.38 billion, unchanged from the same period a year ago as four per cent growth in both wireless revenue and wireline data revenue offset continued declines in traditional voice services. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) increased by four per cent due to lower restructuring costs, efficiency initiatives and expense control.
Reported net income in the first quarter was C$268 million, down approximately 17 percent.
When excluding income tax-related adjustments, net income increased this quarter by 2.5 percent. First quarter results included favourable income tax-related adjustments of approximately $2 million this quarter and $62 million in the same period a year ago.
Free cash flow of $246 million nearly doubled from a year ago, primarily due to capital expenditures being lower by $163 million, partially offset by a $37 million increase in cash tax payments.
Over the 12 month period, total customer connections increased 2.4 per cent or 276,000, driven by a 6.4 per cent increase in wireless subscribers and 103 per cent growth in Telus TV customers, partially offset by declines in legacy landline connections.
"The growth in postpaid wireless and TELUS TV net additions coupled with the improvement in quarterly earnings and free cash flow in the first quarter of 2010 are a testament to our major strategic investments and the team's hard work," said Darren Entwistle, TELUS president and CEO.
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