$400 million "impairment loss" at Portuguese division brings Cogeco down

MONTREAL – While its Canadian operations are clipping along just fine, competitive pressures are hammering its Cabovisao unit in Portugal, Cogeco Inc. announced today. While consolidated revenue increased by 14.7% to $311.8 million in the second quarter of 2009, ended February 28th, as compared to Q2 of fiscal 2008, and by 16.5% to $620.2 million, in the first half – and consolidated operating income from continuing operations before amortization grew by 15.6% to reach $126.7 million, and by 19.9% to reach $251.4 million, the quarter was particularly unkind across the Atlantic. “In the second quarter of fiscal 2009, the cable...