WINNIPEG – Manitoba Telecom Services Inc. (TSX:MBT) said Wednesday it earned $30.9 million in its first quarter, down from $45.4 million a year ago, as revenue fell more than five per cent.
The telecommunications company said the profit amounted to 46 cents per share for the quarter ended March 31 compared with a profit of 69 cents per share a year ago.
Revenue was $406.7 million, down from $435.1 million.
“Our ability to move quickly to take costs out of the business in response to changing market conditions helped offset declines from our MTS wholesale wireless revenues, and legacy revenues at Allstream,” chief executive Pierre Blouin said in a statement.
The company said its MTS business earned operating revenue of $243.5 million, down slightly from $243.7 million a year ago, while its Allstream business saw operating revenue drop to $171.7 million from $200.2 million.
Included in the MTS operations was $91.5 million, up from $89.8 million in the first quarter of last year as total wireless subscribers grew to 493,216 from 488,571 a year ago. Average revenue per user was $60.25, up from $59.78.
Local access revenue, the company’s traditional telephone business at MTS, fell to $64 million from $66.9 million a year ago, while long distance and legacy data revenue fell to $18.1 million from $19.1 million.
MTS provides telecommunications services for home and business customers in Manitoba including wireless, broadband, IPTV, voice services, and home security, while Allstream offers services to business customers across Canada.