Manitoba Telecom Services Inc. posted first quarter earnings of $30.9 million or 46 cents per share for the period ended March 31, compared with $45.4 million or 69 cents per share a year ago.
Total revenue was $406.7 million, down from $435.1 million.
Revenue from wireless, high speed Internet and IPTV were all up offsetting declines in legacy services like land lines and long distance.
"MTS Allstream’s first-quarter results show that we continue to make progress on our strategy, with a 32 per cent increase in free cash flow and annualized cost savings of $17.0 million," said Pierre Blouin, Chief Executive Officer.
"Our ability to move quickly to take costs out of the business in response to changing market conditions helped offset declines from our MTS wholesale wireless revenues, and legacy revenues at Allstream. "
MTS shares closed up five cents to $32.46.