Cogeco posts higher Q4 earnings

Attributable to rate increases, reduced tax liabilities

TORONTO -- Rate increases and reduced tax liabilities led Canadian cablecaster and broadcaster Cogeco Inc. to post higher fourth-quarter earnings Friday.

As Canadian media's earnings season continued, Montreal-based Cogeco recorded CAN$15.7 million ($14.5 million) in profits for the three months to Aug. 31, against earnings of CAN$9.7 million in 2008.

Revenue was up 8% to CAN$316.3 million ($293.3 million), against a year-earlier CAN$293 million.

Cogeco's full-year 2009 results included a loss of CAN$78.5 million ($73 million), compared to a year-earlier profit of CAN$25.1 million, after it wrote down the value of its Portuguese cable operation Cabovisao-Televisao por Cabo, S.A.

Full-year revenue was up 14% to CAN$1.25 billion ($1.16 billion), compared with CAN$1.1 billion in 2008.