Manitoba Telecom Services Inc. had a $43-million profit in the third quarter, up 53 per cent from a year before, as it received a one-time settlement payment, benefited from a regulatory decision and reduced restructuring costs.
The company, formerly part of the BCE Inc. group of telecom companies, said it received a $10-million cash payment from BCE's Bell Mobility as part of a comprehensive settlement agreement between the companies.
Manitoba Tel's profit amounted to 66 cents of net income per share, compared with 43 cents per share or $27.9-million in the third quarter of 2009.
The profit included 10 cents per share from Bell Mobility payment, while restructuring costs fell to 2 cents per share compared with 10 cents per share in the third quarter of 2009.
As well, the company received a rebate, equal to five cents per share, from a deferral account as the result of a telecom regulatory decision. In contrast, it paid 14 cents per share into the third quarter of 2009.
Excluding these items, MTS earned 53 cents per share from continuing operations - down 22 per cent from 68 cents per share in the third quarter of 2009.
Overall revenue was $446.3-million for the quarter, down from $452.3-million in the same period of 2009.
However, MTS argued a more relevant comparison would be with the prior quarters of 2010 - $443.1-million in the second and $442.0-million in the first - because of structural changes at the end of 2009.