News

Business service growth offsets Shaw's lacklustre consumer business in Q2

CALGARY – Shaw Communications Inc. (TSX:SJR.B) says its second-quarter results generally held steady compared with the same time last year, despite the difficult economic times besetting some of its core markets in Western Canada.

It had $164 million of net income or 32 cents per share for the three months ended Feb. 29, down from $168 million or 34 cents per share in its 2015 second quarter.

Shaw Media — which has been sold to Corus Entertainment — is reported as a discontinued operation. It contributed $48 million of net income, or eight cents per share.

Overall revenue for the Calgary-based company was $1.151 billion, up $33 million from $1.118 billion. Shaw Media’s portion was $227 million, down $11 million from a year earlier.

Most of the revenue increase was due to business-oriented network and infrastructure services, which offset a $3 million decline from its consumer services — including cable television, Internet and home phone.

Operating income from continuing operations was $271 million, up from $243 million.