Rogers roars back...even the magazines

Rogers Communications saw its share price take off as it announced a record second quarter earnings -- $277.5 million, or about 14 times what it earned in the same quarter last year, according to a report from Canadian Press.

• Wireless operating profit rose by one-third to $486.8 million.
  
• Cable operating profit was up 11 per cent to $355.4 million
• Internet operating profit advanced 23 per cent to $131 million.
• The media sector, which includes the more than 70 Rogers magazines (plus 46 radio stations, three TV stations and the Sportsnet and Home Shopping channels) rose 18 per cent rise, with an operating profit to $52 million.

"The Toronto-based telecommunications and media conglomerate, whose assets range from its giant cable and wireless networks to Maclean's and Chatelaine magazines and the Toronto Blue Jays baseball team and their stadium, said its quarterly net income was worth 87 cents per share. This compared to year-ago earnings of $19.2 million, or seven cents per share.

Operating revenue surged 29.1 per cent to $2.24 billion from $1.73 billion, as revenue in the Rogers cable and telecom group rose 57 per cent to $786.9 million after last year's acquisition of Call-Net Enterprises.

Wireless revenue was up 19.4 per cent to $1.15 billion and media revenue advanced 14 per cent to $333.8 million.

"We're succeeding very well in competition with heavily entrenched incumbents," Ted Rogers said.

Rogers non-voting stock jumped more than eight per cent to an all-time high of $53.25 after the news, before closing $4.09 higher to $52.44 on the Toronto Stock Exchange.