ontario news watch

BCE Q4 profit down from year ago, raises dividend and announces job cuts

TORONTO — BCE Inc. reported its fourth-quarter profit fell compared with a year ago, but raised its quarterly dividend as it also announced plans to cut about nine per cent of its workforce.

The parent company of Bell Canada says it earned net income attributable to common shareholders of $382 million or 42 cents per diluted share in its latest quarter compared with a profit of $528 million or 58 cents per diluted share a year earlier.

Operating revenue totalled $6.47 billion, up from $6.44 billion a year earlier.

On an adjusted basis, BCE says it earned 76 cents per share in its fourth quarter of 2023, up from 71 cents per share in the last three months of 2022.

The job cuts, which affect about 4,800 jobs, were announced to employees in an open letter by chief executive Mirko Bibic. The company also announced plans to sell 45 of its 103 regional radio stations.

The changes came as BCE said it would now pay a quarterly dividend of 99.75 cents per common share, up from 96.75 cents per share.

This report by The Canadian Press was first published Feb. 8, 2024.

Companies in this story: (TSX:BCE)

The Canadian Press

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