Telus profits plunge 75 per cent despite record customer growth

Telus Corp. is reporting a 75 per cent year-over-year drop in profits in its latest quarter, despite a solid revenue boost and record customer growth.

The telecommunications company says net income fell to $137 million in the quarter ended Sept. 30 from $551 million in the same period the year before.

Telus attributes the plunge to costs related to restructuring after it announced in August it would cut 6,000 jobs due to issues around regulation and competition.

The Vancouver-based company says operating revenues rose 7.5 per cent in its third quarter to $4.99 billion from $4.64 billion a year earlier.