MONTREAL – Cogeco Inc. announced yesterday a revenue increase of 3.7% to $649.3 million, for its third quarter, which ended on May 31st 2021, compared to the same period last year.
This was partially attributed to an increase in its Canadian broadband services revenue by 10.2% due to its December 2020 acquisition of DeryTelecom, as well as “the cumulative effect of sustained demand for residential high-speed Internet since the beginning of the pandemic and rate increases implemented for certain services,” according to a press release.
Cogeco also reported its adjusted EBITDA increased by 1.3% in Q3, reaching $302.3 million, according to the release.
“Overall, we are satisfied with Cogeco’s performance for the third quarter of fiscal 2021,” said Philippe Jetté, president and CEO of Cogeco, in the press release.
“In Canada, we continue to see positive trends with our Internet services and growth in our residential business, with the changes over the past year in how Canadians work and live,” he said.
Jetté indicated “Cogeco welcomed the CRTC’s decision on mobile wireless to allow regional players investing in telecommunications infrastructure and spectrum to access the wireless networks of Canada’s dominant providers” as it provides more clarity as Cogeco develops its “plans to offer mobile wireless services in a financially disciplined way.”
In the coming year, the company’s U.S. footprint is set to grow as Cogeco expects Atlantic Broadband, its American subsidiary, to close a deal to buy WideOpenWest’s Ohio broadband systems in the first quarter of fiscal 2022.
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