Telus Corp. raised its dividend as it reported its third-quarter revenue grew compared with a year ago, but its profit fell.
The company says it will now pay a quarterly dividend of 31.12 cents per share, up from 29.125 cents per share.
Telus also announced a deal to buy Lionbridge AI, a provider of crowd-based training data used in the development of AI algorithms, for $1.2 billion.
The announcements came as Telus says its net income attributable to common shares fell to $307 million or 24 cents per share for the quarter ended Sept. 20 compared with a profit of $433 million or 36 cents per share a year ago.
Operating revenue totalled $3.98 billion, up from $3.70 billion in the same quarter last year.
On an adjusted basis, Telus says it earned $356 million or 28 cents per share for the quarter, down from an adjusted profit of $458 million or 39 cents per share a year ago.
Telus chief financial officer Doug French said in an interview that its strong cash flow enables it to continue spending on capital projects while meeting its strategy of increasing dividends each year.
“I think we’ve shown that, even during tough times of COVID and uncertainty in certain markets, we continue to perform on a consistent basis,” French said.