Cogeco posts fiscal second quarter results; looks at acquisitions

9 Apr 2010

Cogeco Cable, which operates triple-play cable networks in Canada and Portugal, has posted a consolidated net profit of CAD29.8 million (USD29.6 million) for its second fiscal quarter ending 28 February 2010, compared with a net loss of CAD358.3 million twelve months earlier; the result was affected by a non-cash impairment charge on the net value of acquired assets in Portugal. Cogeco’s consolidated three-month revenue rose by 5.1% year-on-year to CAD320.4 million, mainly driven by increasing revenue generating units (RGUs), whilst operating income climbed 0.3% to CAD122.6 million. In Canada, the cableco’s high speed internet subscribers rose to 543,000 at end-February, up from 503,000 a year earlier, whilst at Portuguese subsidiary Cabovisao, the number of broadband customers reached 154,000 by the same date, up from 146,000 at end-February 2009. The Canadian-based company’s CEO Loius Audet also announced that Cogeco is in the market for acquisitions. ‘The time has come for this company to start looking for reasonably priced, reasonably sized, non-betting sized acquisitions,’ he said, without offering any more specific information.

Canada, Cogeco Connexion, Nowo (formerly Cabovisao)