MONTREAL — BCE Inc. is cutting it quarterly dividend payment to shareholders as it reports its first-quarter profit rose from a year ago.
BCE chief executive Mirko Bibic says the cut comes as the company faces intense price competition and sustained regulatory uncertainty against a backdrop of macroeconomic and geopolitical instability.
The company says it will now pay a quarterly dividend of 43.75 cents per share, down from 99.75 cents per share.
The cut came as BCE reported net earnings attributable to common shareholders of $630 million or 68 cents per diluted share for its first quarter, up from $402 million or 44 cents per diluted share a year earlier.
On an adjusted basis, BCE says it earned 69 cents per share in its latest quarter, down from an adjusted profit of 72 cents per share in the same quarter last year.
Operating revenue totalled $5.93 billion, down from $6.01 billion a year ago.