: Net Income up 57% for Rogers in 2008


hugh
2009-02-18, 10:30 AM
Rogers Communications Inc. today announced its consolidated financial and operating results for the three and twelve months ended December 31, 2008.

For the full year, Rogers reported its operating revenues rose 12% to $11.3 billion, operating profits soared 32% to $4.1 billion and net income was up 57% to just over $1 billion.

In the fourth quarter ending December 31st, operating revenues at Rogers were up 9% with operating profits up a modest 2% when compared to the same period in 2007.

Net income in the October to December period, however, fell from a $254 million profit in 2007 to a $138 million dollar loss in 2008 after the company was forced to write down the value of its conventional television assets by $294 million.

Complete results (http://www.canadanewswire.com/en/releases/archive/February2009/18/c7679.html)

bete_noir
2009-02-18, 12:03 PM
Or, there is this take on Rogers:

News from Reuters

Rogers swings to loss on TV charges, shares drop

18/02/09

By Wojtek Dabrowski

TORONTO (Reuters) - Rogers Communications Inc, which owns Canada's biggest wireless carrier, posted a quarterly loss on Wednesday as it took almost C$300 million ($238 million) in impairment charges at its television channels to reflect the impact of the weak economy on advertising revenue.

The company's shares fell more than 8 percent in wake of the earnings report. However, National Bank Financial analyst Greg MacDonald said this was a result of investor disappointment over demand for such Rogers mobile-phone data services as text messaging and Internet browsing.

http://www.globeinvestor.com/servlet/story/ROC.20090218.2009-02-18T162344Z_01_TRE51H2UR_RTROPTT_0_CBUSINESS-US-ROGERSCOMMUNICATIONS/GIStory/

hugh
2009-02-18, 12:11 PM
What's the difference?

davidelliott
2009-02-18, 12:49 PM
It's rather a pity that customer satisfaction doesn't rise in
proportion to the sales/profits.

It seems to be the shareholder is more important than the
subscriber. Anyone else out there agree with me on this?

rdrr2008
2009-02-18, 12:52 PM
I guess we will be getting another monthly price increase for their services so they can make up for their last 3 month losses, ops they have done that already...

tbusa
2009-02-18, 01:48 PM
prehaps a few more quarterly losses maybe change their Pricing policy lower.

Its insane the amount of my cell bills towards rogers. If you look at what the US counter parts are thinking & doing (voice/data/SMS unlimited nation wide for $85USD) its total BS what we pay in Canada. Rogers is just going in the wrong direction, lower Profits equals higher fees all because they report to shareholders.

travisc
2009-02-18, 05:40 PM
That is sometimes referred to "free enterprise" or "capitalism". Would you prefer that the Canadian government nationalize them or something?

Torontoblue
2009-02-18, 10:25 PM
It's rather a pity that customer satisfaction doesn't rise in
proportion to the sales/profits.

It seems to be the shareholder is more important than the
subscriber. Anyone else out there agree with me on this?
The shareholder is always more important than the customer, no matter what the business!!!

sharpnfuzzy
2009-02-19, 06:52 AM
Would you prefer that the Canadian government nationalize them or something?

I would prefer for the Canadian government to allow some real competition instead of fighting tooth and nail to prevent it for all these years. They've finally opened the door (a tiny little crack) on the cell phone market but it's far too late.

travisc
2009-02-19, 03:46 PM
The market is open to competition. Rogers has Star Choice and Bell TV as competitors for the television side of their business. Other cable companies are not prevented from overbuilding Rogers - it simply makes no economic sense to do so. The government is not preventing competition.

bete_noir
2009-02-19, 05:49 PM
Rogers hikes Internet and cable fees

Cable giant's TV unit takes $294 million charge as ad sales slump

Feb 19, 2009 04:30 AM

Chris Sorensen
Business Reporter

Rogers Communications Inc., which yesterday posted a $138 million fourth-quarter loss, is again raising rates for residential cable and high-speed Internet services as customers scale back spending.

The cable and telecommunications giant recently mailed customers a card detailing residential rates, effective March 1.

Rates will rise between 3 and 9 per cent for Rogers' high-speed Internet services, with the exception of its $99.95 per month "Extreme Plus" tier. Several cable TV packages will also see prices increase, including a 5 per cent hike for basic cable services to $29.99 per month.

Prices for Rogers home phone, raised last year through a 30 per cent increase to a "system access " fee charged to subscribers, will remain unchanged.

The latest increases are necessary to "ensure continued investment in our network and programming" and to address "increased costs like those from programming providers, " Rogers spokesperson Nancy Cottenden said.

The changes come as Rogers feels the impact of a slowing Ontario economy on its Internet and home phone businesses.

Rogers added just 40,000 new home phone customers in the fourth quarter compared with 65,000 net additions in the same period last year. Executives blamed a slowing economy and increased efforts by Bell Canada Inc. to win back customers with special promotions and competitive rates......

http://www.thestar.com/Business/article/589754