TELUS Corp. 4Q Net Jumps On Wireless Performance

VANCOUVER (Dow Jones)--TELUS Corp.'s (TU) fourth-quarter earnings nearly tripled, due to strong performance at its wireless and regular telephone divisions.

In the latest quarter, net income rose to C$135.6 million or 37 Canadian cents a share (38 Canadian cents basic) from C$47.8 million or 13 Canadian cents (basic and diluted). The Thomson First Call mean estimate was for earnings of 31 Canadian cents a share in the latest quarter.

Revenues were up 7.6% to C$1.96 billion from C$1.83 billion.

The company said Telus Mobility "realized record wireless subscriber growth, and did so consistent with our priority of delivering profitable growth." The wireless division had net subscriber additions of 186,400 in the fourth quarter, 12% more than a year earlier. Postpaid subscribers, which generate higher revenues, increased 20% to 144,800 and represented 78% of total net additions.

It said blended monthly churn improved to 1.45% from 1.58% and postpaid churn was 1.17% in the latest quarter. EBITDA rose to C$285 million in the quarter from C$190 million a year earlier.

It said Telus Communications EBITDA was down by C$11 million as higher revenues were offset by higher operating costs and a C$4 million increase in restructuring and workforce-reduction costs.

For the full year, the company had net income of C$565.8 million or C$1.57 a share, up from C$324.4 million or 91 Canadian cents in 2003. Revenues were up 6.1% to C$7.58 billion from C$7.15 billion, and EBITDA rose to C$3.09 billion from C$2.82 billion.

For 2005, the company is targeting revenue of C$7.9-C$8 billion, EBITDA of C$3.2-C$3.3 billion and basic share earnings of C$1.65-C$1.85.

Telus is a telecommunications company.

(END) Dow Jones Newswires"

Posted to the site on 18th February 2005