Cogego Q4 hit by slowing economy
Earnings down sharply for Montreal cablerTORONTO -- A slowing economy and growing competition led Canadian cable operator Cogeco Cable on Thursday to record reduced fourth-quarter earnings.
Montreal-based Cogeco said it earned CAN$9.7 million ($7.8 million) for the three months to Aug. 31, down sharply from a profit of CAN$30.4 million in 2007, due to a favorable tax adjustment last year.
Owing to subscriber growth and acquisitions, Cogeco saw revenue rise 16.5% to CAN$292.9 million ($238 million), against a year-earlier CAN$251.3 million.
Full-year Cogeco revenue jumped 14.7% to CAN$1.08 billion ($888 million), against CAN$938.9 million in 2007, as its earnings rose 64% to CAN$133.3 million ($108 million), compared with a year-earlier CAN$84.7 million.