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Telus Q3 profit and revenue slip; revised 2009 guidance reflects weak economy, higher capital spending

From Brenda Bouw, The Canadian Press, November 6, 2009 - 5:24 p.m.

Telus Q3 profit and revenue slip; revised 2009 guidance reflects weak economy, higher capital spending

By Brenda Bouw, The Canadian Press

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VANCOUVER, B.C. - Telus Corp. revenue and profit will come in lower-than-expected this year due to impacts from a weak economy and the telecom giant's increased spending on the early launch of a new advanced wireless network, the company (TSX:T) says.

Vancouver-based Telus issued lowered 2009 guidance to investors Friday while announcing a dip in both third-quarter net income and revenues, alongside a surge in capital spending year-over-year.

Telus also increased restructuring expenses as it continues to make cuts across the company.

Telus president and chief executive Darren Entwistle said the benefits of cutting costs while investing more in its network "are exceedingly clear."

"I believe Telus is clearly leading the change in Canada's wireless market by delivering exceptional client experiences though the series of major initiatives we have completed just this week," Entwistle said on a conference call Friday.

"We very much look forward to capitalizing on these developments in the marketplace."

This week, Telus launched its long-awaited HSPA (High Speed Packet Access) network, which allows faster Internet downloads of music, video and software applications.

Bell Canada (TSX:BCE), which worked in co-operation with Telus to launch the network, also announced its roll out this week.

The new network also allows Bell and Telus to start offering the Apple iPhone, a popular device that only Rogers Communications (TSX:RCI.B) could offer in Canada, until now.

Also this week, Telus started selling smartphones in its newly acquired Black's stores across Canada. Telus paid $28-million in September to buy the 113 stores across Canada from privately held Black's Photo Corp.

Entwistle said the investments are needed to improve the company's position in the highly competitive telecom industry.

He also said the company's cuts over the past several months have helped offset a decrease in revenues, particularly in its wireline business, which includes residential lines and long-distance services.