Cogeco reports profit of $19 million in third quarter as internet subscribers grow
Posted Jul 11, 2024 05:43:59 PM.
Last Updated Jul 11, 2024 05:54:09 PM.
MONTREAL — Cogeco Inc. reported a profit attributable to shareholders of $19.0 million for its third quarter, up from a loss of $34.5 million a year earlier.
The company says revenue was $777.2 million, up from $767.6 million during the same quarter last year.
President and CEO Frédéric Perron says growth in Cogeco’s Canadian telecommunications business was driven by the ongoing expansion of its internet subscriber base.
The firm’s cable and internet subsidiary, Cogeco Communications Inc., reported profit attributable to shareholders of $70.4 million, down from $95.9 million a year earlier.
Revenue for Cogeco Communications was $750.6 million, up from $741.8 million.
Perron says that in the third quarter, Cogeco implemented the initial steps of a new operating model designed to deliver future growth.
This report by The Canadian Press was first published July 11, 2024.
Companies in this story: (TSX:CGO, TSX:CCA)
The Canadian Press
