Cable / Telecom News

Cogeco writes off Portuguese cable unit


MONTREAL – Coegco Inc. has written off its Portuguese cable unit Cabovisao amid a third quarter net loss of more than $56 million.The company said Thursday that the majority of its weaker than expected results were due to a non-cash impairment loss of $225.9-million for Cabovisao, as Portugal weathers a severe economic decline which has seen it require financial assistance from the International Monetary Fund and the European Central Bank.Net losses for the quarter ended May 31, 2011 were $56.7 million, compared to net income of $10.7 million for the same period last year. Excluding the Cabovisao write off, adjusted...