Revenue growth of 9% in Telus Corp.'s (TSX:T) wireless and broadband Internet services boosted profits for the telecom giant in its third quarter, which ended September 30.
Consolidated revenue rose 4.5% to $2.3 billion from $2.2 billion in last year's third quarter. Third quarter profit rose 28.2% to $409.9 million from $319.6 million.
Increases in wireless and broadband Internet services compensated for a continued decline in local phone and long distance services. The company added 17,000 new high-speed Internet customers and 135,000 new wireless customers in the third quarter.
However, Telus lost 42,000 residential phone line subscribers as competition in that market increased across the country.
Telus' earnings rose, in large part, because of an increase in tax-related adjustments of $93 million compared with $30 million a year ago. Earnings per share were up in part because of higher EBITDA, lower financing charges and fewer shares outstanding from the company's share repurchase plan.
Telus' share price range during the past week: between $56.60 and $57.45; 52-week high: $66.45; 52-week low: $51.12.