By Adriano MarcheseTelus on Friday reported a sharp fall in second-quarter profit due to higher costs, while more new customers helped grow revenue. The Canadian telecom major reported net income of 196 million Canadian dollars ($146.8 million), or C$0.14 a share, down from a year earlier when it logged C$498 million profit, or C$0.34 a share. The drop was largely due to higher depreciation and amortization from its acquired capital assets, increased expenses from growing its broadband footprint and higher financing costs on its long-term debt, Telus said. Operating revenues and other income rose more than 12% to C$4.95 billion, in line with analyst forecasts for the period. Write to Adriano Marchese at adriano.marchese@wsj.com(END) Dow Jones NewswiresAugust 04, 2023 07:30 ET (11:30 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal August 04, 2023 23:36 UTC