Quebecor announced its financial results on Thursday, marked by a slight drop in profits, established at 117 MS in the first quarter of 2022.

The Quebec giant's revenues fell by $3.1 million, or -0.3%, compared to the first quarter of 2021 in the telecommunications sector, while that of media and sports and entertainment rose by $7 million. (4%) and $2.9M (9.3%) respectively.

Adjusted EBITDA decreased by $10.6 million, or -1.2%, despite the $9.1 million (2%) increase recorded in the telecommunications sector, while net earnings attributable to shareholders established at $121.4 million, or $0.51 per basic share, during the same period.

Adjusted cash flow from operations grew by only 2.8% to reach $316. million, due in particular to the $18.5 million decrease in acquisitions of intangible assets.

The COVID-19 pandemic has partially impacted Quebecor's operations, particularly in the media and sports and entertainment sectors

“The Company maintained its financial discipline by generating growth of 2.8% in adjusted cash flow from operations, combined with an increase in available liquidity which now reached $1.65 billion at the end of the first quarter of 2022”, said in a statement Pierre Karl Péladeau, President and CEO of Quebecor.

"Quebecor continued to perform well in the competitive environment in Quebec, with rising RGUs in its mobile telephony, Internet access and SVOD services, as well as growing market shares in the TVA network and in the specialized,” added Mr. Péladeau.