BUSINESS

Cogeco Inc. reports higher third-quarter profit, revenue

07/15/2015 12:56 EDT | Updated 07/15/2016 05:59 EDT
MONTREAL - Cogeco Inc.'s profit and revenue jumped in the third quarter, mainly on the back of growth in its U.S. cable services as well as favourable exchange rates.

Revenue for the Montreal-based company increased by $21.7 million, or 4.1 per cent, to $557.8 million, while nine-month revenue stood at $1.63 billion, up by $61.6 million, or a hike of 3.9 per cent.

Profit in the three months ended May 31 jumped to $66.3 million, of which $22.6 million was attributable to owners of the corporation.

That compared with a year-earlier number of $35.6 million, of which $11.5 million was attributable to owners of the corporation.

Nine-month profit hit $186.7 million, up from $150.9 million.

"Our results are in line with expectations for the third quarter of fiscal 2015," CEO Louis Audet said in a statement.

"We continue to focus on expanding our service offering and on improving our customer experience while maintaining a rigorous cost control discipline... as well as continuing to seize on growth opportunities."

Through its Cogeco Cable subsidiary, Cogeco (TSX:CGO) provides digital TV, high-speed Internet and telephone services.

Cogeco Cable (TSX:CCA) operates in Ontario and Quebec, where it also owns and operates 13 radio stations under its Cogeco Diffusion subsidiary.

As well, Cogeco Cable does business in Pennsylvania, Florida, Maryland, Delaware and South Carolina.