Quebecor Media Q1 profit jumps 42.7%

Quebecor Media, the magazine, cable, new media and newspaper arm of Quebecor Inc. has announced an increase of its first quarter profit by 42.7 per cent to $58.8 million. It posted overall revenues of $877.1 million in the first quarter of this year, up 16.8 per cent over the same period last year.

"Once again, the excellent results were driven by sustained growth in the cable segment, which continued to register healthy customer increases in all its lines of business," said Quebecor Inc. president and CEO Pierre Karl Peladeau in a statement.

The 21.4% bump in revenue at its newspaper and magazine segment was largely due to the acquisition of Osprey Media, a deal which closed in August 2007. Revenues increase 21.4 per cent to $267.4 million. First quarter revenue in the cable segment climbed 20 per cent to $430.6 million thanks to an increased number of customers and rate increases.

Quebecor Media is a 54.7%-owned subsidiary of Quebecor Inc.