Telus Q4 profit falls as it makes $305 million in one-time payments to workers

Telus Q4 profit down 69%

VANCOUVER — Telus Corp. (TSX:T) says $305 million in one-time lump-sum payments that it made to employees last year helped push down its fourth-quarter profit by 69 per cent compared with the comparable period in 2015.

The payments were in lieu of wage and salary increases for a 30-month period through to the end of 2018.

The Vancouver-based telecom company says its net income attributable to common shares was $81 million or 14 cents per share, down from $261 million or 44 cents per share in the fourth quarter of 2015.

Excluding the specialty payments and certain other items, Telus says its adjusted earnings fell 2.5 per cent to $316 million or 53 cents per share from $324 million or 54 cents per share in the fourth quarter of 2015.

Overall revenue grew by 2.7 per cent to $3.31 billion from $3.22 billion. The Telus wireless business accounted for $1.7 billion of revenue, up 5.4 per cent from a year earlier. Landline revenue was $1.5 billion, up 1.9 per cent.

Telus added 127,000 new customers to its wireless, high-speed Internet and TV services, which was 18,000 more than it added in the fourth quarter of 2015.

The Canadian Press

Just Posted

VIDEO: Kelowna Rockets look to leave Kamloops Blazers in the smoke

The season home opener takes place Friday night

UBC Okanagan professor tasked with increasing diversity in science

Westcoast Women in Engineering, Science and Technology names new associate chair

West Kelowna begin flushing Lakeview Water System

Water service will not be interrupted but boil water notices will be in effect

Prospera Place gives credit union members a break on parking

Prospera Credit Union members will receive $2 off event parking

Growing Okanagan tech sector hailed in new report

Study shows sector employees 12, 474 workers and is worth $1.67 billion to regional economy

Pavement Patty slows drivers near Rutland Elementary

New survey reveals unsafe school zones during 2018 back-to-school week

Update: Search called off for missing plane between Edmonton and Chilliwack

Search efforts were concentrated along the Highway 5 corridor between Valemount and Kamloops

Why Whistler for ski jumping in 2026? Calgary proposal gets pushback

Calgary 2026 proposes re-using the 2010 ski jumping venue Whistler for that sport and nordic

VIDEO: Dozens line highway as family brings home body of B.C. teen

Northern B.C. showed their support by lining Hwy 16 as Jessica Patrick’s body returned to Smithers.

Despite progress, threat of 232 tariffs dominates NAFTA negotiations

Any deal is seen to require congressional approval before Dec. 1 to survive new Mexican government

B.C. MP Todd Doherty receives award for saving man who collapsed on a plane

Conservative MP was flying from Vancouver to Prince George, B.C., in June last year

Alleged border jumper from Oregon facing 2 charges after police chase in B.C.

Colin Patrick Wilson charged with dangerous operation of motor vehicle, flight from a peace officer

More than 35 B.C. mayors elected without contest

No other candidates for mayor in the upcoming local election in 22 per cent of B.C. cities

‘Hero’ kid fighting cancer helping with B.C. Children’s Hospital fundraiser

Penticton’s Wills Hodgkinson helping raise funds for B.C. Children’s Hospital

Most Read