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Shaw Communications Posts 10% Increase in Quarterly Profits

8:20 am on January 16, 2009 | Category: Business, Internet, Telecom Services, Telephone, Television

Western Canada’s dominant cable operator, Shaw Communications, enjoyed a 10% jump in quarterly profits for the three month period ending on November 30, the company announced late on Wednesday.

Profit for the fiscal first quarter came in at $123 million ($0.29/share), up from $112 million ($0.26/share) in the same period a year earlier. Revenue also climbed 10% to $818 million, as Shaw Communications experienced “solid” subscriber growth, despite increased competition, according to the company’s CEO, Jim Shaw.

Shaw added a total of 91,000 new digital cable and broadband subscribers in the fiscal first quarter, as well as 56,000 new digital phone customers.

“Cable subscriber results were strong across the board,” commented UBS Securities analyst, Jeffery Fan, analyst at UBS Securities. “We expect the shares to outperform in the short-term.”

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