BCE reports Q3 loss on asset impairment charge, cuts revenue guidance

financialpost.com:

Bell Canada-owner BCE Inc. was dealt another regulatory blow this week as it reported a loss in its latest quarter and recorded $2.11 billion in asset impairment charges, mainly related to Bell Media’s TV and radio properties.

Shares in BCE were down $2.02, or around five per cent, in mid-morning trading on Thursday after the company reported its net loss attributable to common shareholders amounted to $1.24 billion or $1.36 per share for the quarter ended Sept. 30.

That compared with a profit of $640 million or 70 cents per share a year earlier. On an adjusted basis, BCE earned 75 cents per share compared with an adjusted profit of 81 cents per share in the same quarter last year.

The company shared its latest quarterly results a day after it was denied an appeal of a partial CRTC decision last year that allows smaller internet providers to sell services to their customers through Bell’s fibre network in Ontario and Quebec.

While that temporary decision has since been expanded across Canada, Bell had asked the federal cabinet to review the regulator’s preliminary move. It has argued the CRTC’s direction, while meant to stimulate competition for internet services, reduces its incentive to continue building out its fibre network.

Industry Minister Francois-Philippe Champagne said in a statement Wednesday evening that Bell’s petition to “rescind or vary” the decision was declined.

“Workable wholesale access to fibre networks is needed. The CRTC has moved quickly to improve competition through this decision and others coming out of its broad review of internet competition,” Champagne said in a statement.

“The government commends the CRTC on quickly launching a review of the wholesale regime last year and welcomes the