Shaw sees profit surge 44% on sale of spectrum to Rogers

Shaw Communications Inc. ended its 2015 financial year with a bump in net income from its sale of wireless spectrum to rival Rogers Communications.

Its net income was $276 million or 57 cents per share, up 44 per cent from last year.

Revenue from Shaw's cable, media and business services was up 6.3 per cent at $1.34 billion, compared with $1.26 billion a year earlier.

However, it admitted that it is losing customers because of aggressive competitor pricing and a change in regulations that ended the need for 30 days notice to disconnect cable.

Its customer base fell 3.8 per cent to 5.3 million households or businesses.

Net income for Shaw's full financial year ended Aug. 31 was down nearly one per cent at $880 million or $1.80 per share,compared with $887 million or $1.84 per share in fiscal 2014.

For 2016, the Calgary-based company projects flat or single-digit growth.