TELUS (T.TO) on Thursday reported an 11% increase in fourth-quarter adjusted profit on higher revenue.

Adjusted earnings, excluding most one-time items, rose to $380 million, or $0.25, up from $341 million, or $341 million. The results beat the FactSet consensus non-GAAP EPS estimate of $0.22 for the quarter.

Operating revenues and other income rose 3.5% to $5.38 billion from $5.20 billion.

Adjusted EBITDA edged lower by 0.6% to $1.84 billion from $1.85 billion.

TELUS attributed earnings growth to higher service revenue and higher other income from real estate and copper monetization in the TELUS technology solutions segment, offset by lower service revenue in the TELUS digital experience segment.

The board declared a quarterly dividend of $0.4023 per share, payable on April 1 to holders of record at the close of business on March 11. The dividend is 7% higher than the year-ago payout.

TELUS shares were last seen up $0.56 to $21.42 on the Toronto Stock Exchange.