Cogeco profit falls on higher taxes, depreciation rate

MONTREAL - Cogeco Cable Inc’s net income fell to $44.9 million in the last quarter from $70.1 million a year earlier. Revenue increased by 7.7% to $356.7 million in the quarter up from $331 million, and for the year 11% to reach $1.41 billion. Cogeco blamed the lower profit on an increase in corporate taxes in Ontario and faster depreciation periods. It attributed the revenue increases to the cable segment, the recent acquisition of Metromedia and the full year impact of its acquisition of the Quebec radio stations held by Corus. Cogeco added that the drop in profit stemmed "primarily...