Telus reports higher profits, touts diversity in firm’s business model

Telus Corp.’s president and chief executive says the company has managed to weather recent economic challenges and even report a profit increase in its most recent quarter because its mix of products spans the internet, data, agriculture and health industries.

“That level of diversification gives us a better backbone of resiliency, whether it’s inflation or supply chain pressures that we’re dealing up simultaneously,” said Darren Entwistle, on a Friday call with analysts.

He said the company’s proactive response to challenges, and its investments in technology, have helped it navigate numerous external pressures in the past couple of decades.

“Whether it’s equity market meltdowns or credit crunches or regulatory decisions or inflationary periods, we seem to navigate that turbulence very well.”

Entwistle’s remarks came as public health measures are being lifted in Canada and abroad after more than two years of the COVID-19 pandemic, but the long-awaited reopening has coincided with a series of global pressures weighing on companies.

Among those pressures are rising interest rates, an inflation level not seen in many years, Russia waging war on Ukraine, supply chain difficulties and even labour shortages.

Entwistle offered his insights into how the company is contending with economic pressures as Telus announced its profit increased in its most recent quarter as it boosted its revenue and wireless customer base, while promoting a new premium streaming product.

The Vancouver-based telecommunications company revealed its net income attributable to common shares totalled $385 million or 28 cents per share in its first quarter, compared with $331 million or 25 cents per share a year ago.

On an adjusted basis, Telus earned 30 cents per share for the quarter ended March 3 compared with 27 cents per share a year ago.

Operating revenues and other income rose to $4.28 billion compared with $4.02 billion in the first quarter of 2021.