MONTREAL – Despite gains at its main Cogeco Cable unit, second quarter profits at Cogeco Inc. were modest, the company announced Friday.
Cogeco Inc. recorded a net profit of $10.6 million for the quarter ended February 28, 2011, almost identical to a year ago when it posted profits of $10.5 million. Revenue rose 6.6% to $350.6 million, led by its cable sector and the purchase of Corus’ 11 radio stations in Quebec, which closed in February.
Cogeco Cable posted a net income of $31.2 million, up 4.6% from $29.8 million in the same period last year, while revenue grew 5% to $336.6 million. The company added 57,079 revenue generating units at its Canadian and Portuguese operations this quarter – 29,666 digital television customers, 17,964 telephone users and 10,992 high-speed Internet accounts. However, it lost 1,543 basic cable customers.
“This positive growth cascaded in Cogeco Cable’s other key consolidated financial indicators, in particular with revenue and operating income before amortization”, said Louis Audet, president and CEO of Cogeco Inc. and Cogeco Cable, in a statement. “We are on target to deliver Cogeco Cable’s revised projections as issued in January of this year by providing to our customers a superior offering, through various improvements and best-in-class customer service.”
For more on Cogeco’s quarterly financial results, click here and here.
