Cogego reports good quarter

Published: April 9th, 2010

Cogeco Inc., which operates cable and data networks in Ontario and Quebec, said it had net income of $10.5 million in the second quarter ending Feb. 28, compared to a net loss of $115.2 million for the same period a year ago. However that period in 2009 included a non-cash charge of $124 million from a loss of the value of assests from Cogeco's indirect acquistion of a subsiduary in Portugal.

Revenue was up in 2Q by 5.5 per cent to reach $329.1 million, the company said in a news release.

 

“Cogeco continues to generate growth across its main key performance indicators for the second quarter of fiscal 2010,” company president and CEO Louis Audet said in the release. In Canada there were 47,274 net new cable subcribers in the quarter, while in Europe 21,508 more subscribers were added. Audet also said the company's Montreal radio station, Rythme FM “remains the preferred choice of Montréal listeners according to the 2010 winter BBM Canada survey.”

The quarterly results “reinforce our confidence in our ability to achieve our revised fiscal 2010 projections, and anticipate RGU growth in the cable sector to surpass these projections and reach 200,000 net additions by the end of the year,” he said in the release.

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