Calgary-based Shaw Communications had a net loss during its third quarter, which ended on May 31.
The company announced on Thursday that the loss for the quarter was $91 million, compared to net income of $133 million in the third quarter of 2017.
Shaw also said revenue from continuing operations for the quarter of $1.30 billion increased 6.9 per cent over the prior year, led by wireless and business results. Operating income before restructuring costs and amortization for the quarter of $547 million increased 7.0 per cent over the third quarter of fiscal 2017, explained the company. It said that the decrease substantially reflects a $284-million impairment charge this quarter relating to its investment in Corus Entertainment Inc.
In a statement, Brad Shaw, the company’s CEO, said “momentum is building and we will continue to be focused and execute on our strategic initiatives to drive greater market share by giving our customers the connectivity they want, on the devices they want.
“We’re excited to announce our continued expansion of our wireless retail distribution network, ensuring that more Canadians will have access to the value provided by Freedom Mobile. We’ve recently completed our successful 15-store operational trial with Loblaw’s The Mobile Shop and are working closely with Loblaw’s leadership on our broader launch that will reach nearly 100 stores in Ontario, Alberta and British Columbia.”
He also said the company recently signed a comprehensive distribution agreement with Walmart, which will provide for its wireless products to be distributed in approximately 140 Walmart locations.
Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.
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