Shaw Communications profit jumps on higher wireless subscriptions

Technology

FILE PHOTO: The Shaw logo is pictured on their Barlow Trail building, home to the annual Shaw AGM, in Calgary, Alberta January 14, 2014. REUTERS/Todd Korol

(Reuters) – Canada’s Shaw Communications Inc on Monday reported a 68.5 percent surge in quarterly profit, as more subscribers signed up for the telecom company’s wireless services.

The Calgary-based company added a total of 65,615 subscribers in the quarter.

Telecom service providers in Canada, including Shaw Communications, have started investing heavily in the next generation 5G network, to attract data-hungry customers. Shaw successfully completed its first 5G technical trials in Calgary in May 2018.

Net income rose to C$187 million ($140.9 million), or 36 Canadian cents per share, for the first quarter ended Nov. 30, from C$111 million, or 23 Canadian cents a share, a year earlier.

The Calgary-based company’s revenue rose to C$1.36 billion from C$1.25 billion.

Reporting By Shradha Singh in Bengaluru; Editing by James Emmanuel

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