The Vancouver-based telecom company said its fourth-quarter profit for the three months ended Dec. 31, 2020 totalled $271 million, down 28.5 per cent from $379 million in the same quarter the previous year. (The Logic)

Talking point: The company said the drop came from “increased depreciation and amortization from capital assets growth, including acquisitions; declines in wireline legacy voice and legacy data services; higher non-labour related restructuring and other costs [and] multiple impacts from the COVID-19 pandemic.” That was somewhat offset by growth in areas such as subscribers—Telus added 253,000 new customers in the quarter, 77,000 more than the same time last year—and EBITDA from Telus International. Earlier this month, the Telus subsidiary broke the Toronto Stock Exchange’s record for largest tech initial public offering by proceeds raised, with expected aggregate gross proceeds of US$925 million.