Glentel (TSX:GLN) has reported a 19% increase in revenue for its first quarter, which ended March 31, to $50.7 million compared with $42.8 million for the same period in 2007.
Net quarterly income for the Burnaby-based telecommunications company rose to $257,000 from $221,000 a year earlier.
Business division sales for the quarter dropped 15% to $9.4 million from $11 million in 2007's first quarter. The company attributed the drop to the weaker Ontario economy and reduced contractor activity in northern Alberta.
Retail division sales for the quarter grew 30% to $41.4 million, up from $31.8 million in the corresponding quarter last year.
Glentel attributed the rise in revenue to an increase in its retail stores to 227 from 172 for the same quarter last year. Opening, marketing and operating the new stores also added to the company's overhead.
Glentel's share price range during the week: between $9.76 and $10; 52-week high; $12; 52-week low: $7.03.