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Shaw quarterly wireline revenues drop 1.1%; Freedom revenues up 1.2%

13 Jul 2020

Canadian cableco Shaw Communications has reported the results for its fiscal third quarter ended 31 May 2020, including its Freedom Mobile subsidiary. Wireline sector revenue including fixed broadband, TV and telephony declined by 1.1% year-on-year to CAD1.063 billion (USD782 million), including CAD923 million consumer segment revenue (down 1.3%) and flat B2B turnover at CAD140 million, as growth in internet sales was offset by declines in cable video, satellite and telephony segments, whilst some B2B customers temporarily suspended, reduced or cancelled their accounts due to the challenging economic environment stemming from the COVID-19 pandemic. Wireline adjusted EBITDA rose 6.9% y-o-y in the quarter to CAD508 million.

Freedom Mobile’s quarterly revenues climbed 1.2% y-o-y to CAD252 million, including a 17.0% hike in service revenue to CAD206 million which offset a 37.0% drop in equipment/other revenue to CAD46 million, reflecting the temporary closure of 90% of corporate premises under COVID-19 restrictions – the company noting that most of Freedom’s retail stores reopened at the end of June. Wireless adjusted EBITDA improved by 90.6% y-o-y to CAD101 million in March-May 2020.

Shaw’s fixed broadband subscribers reached 2.092 million at end-May 2020, up by 19,000 y-o-y, including 1.918 million consumer (up 18,000) and 174,000 B2B (up 1,000). Fixed telephony subscribers fell by 86,000 y-o-y to 1.084 million, including 697,000 consumer (down by 98,000) and 387,000 B2B (up 12,000). Freedom’s total mobile subscribers increased by 183,000 y-o-y to 1.762 million, including 1.438 million post-paid (up 195,000) and 324,000 pre-paid (down by 12,000).

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