Cogeco boasts big 2nd quarter
EmptyTORONTO -- Canadian cablecaster Cogeco Cable on Thursday posted a 51% jump in second-quarter earnings after acquiring Portugal's second-largest cablecaster in the summer.
Montreal-based Cogeco recorded earnings of CAN$15.4 million ($13.4 million) for the three months ending Feb. 28, compared with a profit of CAN$10.2 million in the comparable three-month period, as revenues surged 57% to CAN$232 million, against a year-earlier $201.7 million.
The August 2006 acquisition of Cabovisao-Televisao por Cabo SA, the Portuguese cable division with more than 826,000 homes, increased the number of Cogeco's subscribers by a third.
Cogeco also bumped up its fiscal 2007 guidance, forecasting full-year revenue to hit CAN$945 million ($821.7 million), up CAN$325 million ($282 million) from 2006. Fiscal 2007 earnings are forecast to top CAN$60 million ($52.7 million), against an earlier forecast of CAN$48 million.