| Radio, cable get Cogeco back into black |
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| Wednesday, 21 January 2009 00:55 | |||||
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January 15, 2009 Growth in Canadian operations offsets poor performance in Portugal MONTREAL–Cogeco Inc. said yesterday that strong performances in its radio and cable divisions helped reverse year-earlier losses despite a slowing economy and intense competition affecting the company's cable business in Portugal. "We consider ourselves very fortunate to ... continue delivering very good results in what is de facto an extremely difficult economy," Cogeco chief executive Louis Audet said in a call with analysts. The Montreal-based company reported earnings for the first quarter of fiscal 2009 of $11.1 million, or 66 cents a share. The profits came a year after Cogeco posted a loss of $10 million, or 60 cents a share. Revenue rose 18.5 per cent to $308.4 million for the quarter ended Nov. 30, 2008, from $260.3 million a year earlier, Cogeco said. The increase came as acquisitions in the cable division helped push operating costs up 14.7 per cent to $183.7 million. Audet said Cogeco's Canadian operations have seen solid customer growth, which helped to offset "the worst quarter to date" for its Portuguese operations, which account for approximately 19 per cent of the company's overall earnings. Cogeco shares were up 3 cents to $24.51 in trading yesterday on the Toronto Stock Exchange.
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