Quebecor Inc., Montreal, earned a net income of $226 million for the second quarter ended June 30. The net income was made up of net income for operations of $48 million – up $4 million from 1998 – and two gains on dilution totaling $218 million. Two subsidiaries issuing shares during the quarter created the dilution.
The gains in dilution came from Quebecor’s holding in Quebecor Printing’s offering of 6.5 million Subordinate Voting Shares, that closed June 4, 1999, and the sales of 30% of Sun Media Corp. to three equity investors on June 16, 1999.
Earnings per share for the quarter rose to $4.11. Earnings per share were up 9%, from $0.68 in 1998 to $0.74 in 1999, exclusive of the two dilution gains. Revenue rose $15%, going from $1.9 billion last year to $2.2 billion this year.
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