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April 14, 2022

Cogeco’s second-quarter profit rises 7.8% to $118.8-million on revenue boost

Cogeco Inc. CGO-T -0.04%decrease says its net profit increased nearly eight per cent in its second quarter on a boost in revenues.

The Montreal-based company says its net income attributable to shareholders was $118.8-million or $2.29 per diluted share, up from $110.2-million or $2.11 per share a year earlier.

Revenues for the three months ended Feb. 18 increased 14.5 per cent to $748.1-million, from $653.2-million in the second quarter of 2021.

Cogeco was expected to earn $2.27 per share on $741.2-million of revenues, according to financial data firm Refinitiv.

American broadband services revenue increased 31 per cent in constant currency while Canadian broadband services revenue was up 2.1 per cent mainly due to the DERYtelecom acquisition in December 2020 and organic growth.

Media activities revenue was up 4.9 per cent following an easing of COVID-19 public health restrictions.

“For our radio business, our revenue has grown despite a weaker advertising market due to sudden lockdowns brought on by the Omicron variant, however signs have been positive for the economy as public health measures are being lifted,” stated CEO Philippe Jette in a news release.

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