Shaw overcomes devastating floods to post Q3 profits

by Andrew Roach on July 3, 2013

Back in June, Alberta was hit by devastating flooding which caused millions in damage across many towns and cities in the province.

Despite many public networks being hit by the floods, Shaw Communications have managed to soldier on and post strong Q3 profits of $250 million over the past three months.

With a strong performance over the past year, the Calgary based firm are now predicting that they could post a yearly profit around the $600m mark.

Shaw have expanded their range of products over the past few years and the company is now present in the wireless industry as well as the more traditional markets of phone and cable packages.

One of the biggest gains for Shaw is that their latest figures show a continual growth from where the firm was this time last year.

Having posted profits of $248 million last year, the company has managed to grow and improve on their figures by 4% for the same period.

It was also revealed that Shaw posted overall revenue of $1.33bn in the last 3 months further emphasising their strong performance between March and May.

With the recent floods having a major impact on Calgary, Shaw’s senior figures hope that their news will help boost the mood in the city. In a statement to the press, CEO Brad Shaw said that “as many of you know, the level of physical devastation is matched only by the personal loss felt by many residents including some of our employees and our customers.”

“Our thoughts and prayers go out to everyone affected by this disaster. We are grateful that our operations are intact and are operating at close to full strength,” he added.

In the latest figures released by the company, it was also noted that Shaw managed to acquire more customers than were expected by signing up over 21,000 new customers which eclipsed predictions of gaining 17,100 new customers.

However, the also lost 26,578 subscribers in the same period mainly down to Telus increasing their range amongst their TV services.

Despite that setback, Shaw have posted some strong figure which will surely give heart to others in Calgary who are looking to overcome the damage and issues caused by the flooding throughout the city.

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Written by: Andrew Roach Follow by: RSS, Twitter, Facebook, or YouTube

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