Cogeco Inc and its Cogeco Cable subsidiary has posted third quarter results that largely matched estimates. Cogeco Inc said earnings for the three month period ended 31 May 2010 were little changed at CAD10.7 million (USD10.22 million), on revenues of CAD330.9 million. The company’s cable arm, which operates in Canada and Portugal (under the Cabovisao brand), posted profit of CAD31.2 million, down from CAD32.5 million a year earlier. Revenue rose 4.5% to CAD319.3 million.
Cogeco, which is 23% owned by rival Rogers Communications, said in April it was ready to look at ‘reasonably priced, reasonably sized’ acquisitions in Europe. The company said there was little chance of such a deal in the near term. ‘The financial market is in very very bad shape in Europe and the M&A activity is essentially dead. So there’s nothing happening right now,’ a spokesperson said.