Cogeco Q1 profit down from year earlier, revenue also edged lower

MONTREAL Cogeco Inc. reported its first quarter profit fell compared with a year earlier as its revenue also edged lower. The company reported a profit attributable to owners of the corporation of $34.5 million or $2.21 per diluted share for the quarter ended Nov. 30. The result was down from a profit of $42.1 million or $2.67 per diluted share in the same period a year earlier.

Revenue for the quarter totalled $776.2 million, down from $789.7 million a year earlier. On an adjusted basis, Cogeco says it earned $2.57 per diluted share in its latest quarter, down from an adjusted profit of $2.71 per diluted a year earlier. Cogeco provides internet, video and phone services through its Cogeco Communications Inc.

subsidiary, while Cogeco Media owns and operates 21 radio stations primarily in Quebec. This report by The Canadian Press was first published Jan. 11, 2024. Companies in this story: (TSX:CGO, TSX:CCA).