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Profit up at Canada's Shaw on price hikes, asset sale; customers leave

Published 2015-10-22, 08:57 a/m
Profit up at Canada's Shaw on price hikes, asset sale; customers leave
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TORONTO, Oct 20 (Reuters) - Shaw Communications Inc
SJRb.TO reported a sharp jump in fourth-quarter profit on
Thursday, helped by the sale of wireless airwaves and price
increases, but shed large numbers of retail television customers
and barely added consumer Internet subscribers.
The Calgary-based cable company said net income rose to
C$276 million, or 57 Canadian cents per share, from C$192
million, or 40 Canadian cents per share, a year earlier.
It received C$100 million in a sale of airwaves to Rogers
Communications Inc RCIb.TO in a complex deal announced in
June. urn:newsml:reuters.com:*:nL1N0ZA0WZ
Revenue rose 6 percent to C$1.34 billion, helped by the
acquisition of U.S. data center company Viawest, which closed
last September. urn:newsml:reuters.com:*:nL4N0Q66N1
Analysts, on average, expected Shaw to earn 43 Canadian
cents a share on revenue of C$1.36 billion, according to Thomson
Reuters I/B/E/S.
The company warned in June it would likely only reach the
lower end of its full-year operating income target.
Shaw, which competes with Telus Corp T.TO for customers in
Canada's West, said its consumer unit lost almost 42,000
television subscribers and 34,000 landline telephone accounts.
It added 265 new Internet customers.
It also lost business TV subscribers but gained Internet and
phone connections.
The company expects flat to low-single-digit growth in
operating income before restructuring costs and amortization in
fiscal 2016. Shaw forecast free cash flow of between C$665
million and C$680 million next year.
Free cash flow fell to C$653 million in 2015, from C$698
million in 2014 due to higher capital spending and pension
costs.

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