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Rogers Communications Reports Record Revenue in Second Quarter

9:54 am on August 1, 2006 | Category: Business, Corporate

Canadian cable and telecom giant, Rogers Communications, reported a significant increase in second-quarter profit this morning, thanks to record overall revenues and the continued success of Rogers Wireless, the companyâ€™s cell phone division.

Rogers earned C$277.5 million (US$245.6 million), or $0.87/share in the second quarter, compared to just C$19.2 million for the same period in 2005. Revenue, meanwhile, surged to new record highs of C$2.24 billion, compared to C$1.73 billion in Q2 of last year.

This news sent Rogers shares up almost 8% in morning trading on the Toronto Stock Exchange.

“We’re succeeding very well in competition with heavily entrenched incumbents,” said CEO, Ted Rogers, in a conference call with analysts. “We’re a growth company — it’s just in our DNA — but I want that growth to be controlled and to be increasingly profitable.”

“My own objective is that I’d like to continue to deleverage, continue to increase the dividend and to further strengthen the infrastructure of our facilities for a rainy day,” Rogers went on to say, adding that the company would consider more acquisitions in the telecom and media industry, following its successful purchase of Call-Net Enterprises Inc. last year.

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