BCE Earnings Down 50%

BCE Inc., which is in the late stages of a takeover by a private equity group led by the Ontario Teachers' Pension Plan, has announced that a $236-million charge contributed to a 50% drop in profits. The charge was related to a CRTC ruling requiring telecoms to expand broadband services to 86 remote Canadian communities.

Bell reported earning of $258-million (32 cents per share), compared with $499-million (62 cents) in the same quarter last year.

In a press release Michael Sabia stated "During the quarter, we made good progress on the completion of the privatization transaction and delivered solid financial results, consistent with our plan for the year."