Cogeco bounces back to profitability in Q2
Canadian telecommunications company Cogeco Inc. posted a second-quarter profit, thanks in part to additional revenue-generating units (RGUs) by its cable subsidiary, Cogeco Cable.
Louis Audet, president and CEO of Montreal-based Cogeco, said the company’s Canadian operations posted “steady growth,” with net additions of 47,274 RGUs in the quarter that ended Feb. 28. Cogeco also added 21,508 RGUs in its European operations in the second quarter. For the year, Cogeco expects to add 200,000 more RGUs.
Parent company Cogeco had a net profit of C$10.5 million, or 63 cents per share, in the second quarter, compared with a loss of C$115.2 million, or $6.90 per share, in the same quarter a year ago. Last year’s second-quarter results were weighed down by a large loss in Cogeco’s Portuguese cable subsidiary Cabovisao.
Overall, Cogeco’s revenues increased 5.5 percent in the most recent second quarter to C$329.1 million.
Cogeco Cable posted a net profit of C$29.8 million, or 61 cents per share, compared with a net loss of C$358.3 million, or $7.38 per share, a year ago. Cogeco Cable’s revenues rose 5 percent to C$320.4 million.