(CP) -- Startup costs at a new wireless business have eaten into Quebecor Inc.'s profit, which slipped to $34.3 million in the first quarter, the Montreal-based media and telecommunications company (TSX:QBR.B) announced Thursday.
"The rollout of Videotron's new mobile services network negatively impacted net income in the first quarter of 2011," chief executive Pierre Karl Peladeau said in a statement Thursday.
The company, which is involved in publishing, broadcasting, telecommunications and retail, said its earnings were equal to 53 cents per share, versus $34.9 million, or 54 cents per share in the same period a year ago.
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