BUSINESS

Cogeco Inc. reports Q2 profit of $56.5 million, revenue gain

04/11/2013 01:17 EDT | Updated 06/10/2013 05:12 EDT
MONTREAL - Cogeco Inc. (TSX:CGO) says its second-quarter profit amounted to $56.5 million, down from $81.5 million in the same period last fiscal year.

The Montreal-based firm says overall profit for the quarter was one dollar per diluted share, down from $1.49 in the corresponding period a year ago.

Cogeco also announced a quarterly dividend of 19 cents per share, an increase of a penny compared to the dividend in the second quarter of fiscal 2012.

Revenue in the quarter grew 32.7 per cent to $458.5 million.

In Cogeco‘s cable segment, second-quarter revenue grew $111.9 million, or by 35.2 per cent, to reach $429.7 million.

During the quarter, Cogeco Cable (TSX:CCA) completed the acquisition of Vancouver-based Peer 1 Network (PEER 1) in a $649 million transaction.

"We are satisfied with the favourable results obtained for the second quarter of fiscal 2013," said Cogeco president and CEO Louis Audet.

"The cable subsidiary continues along a path of steady growth, both organic and through acquisition. I am confident in this subsidiary's ongoing ability to perform and contribute favourably to Cogeco's objectives."