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Cogeco Inc. reports smaller 4Q profit, blames impact of tax changes
MONTREAL – Cable television distributor and media company Cogeco Inc. (TSX:CGO) reports smaller fourth-quarter profits, mainly due to the impact of certain tax changes on the cable sector.
The company recorded a profit of $44.9 million, or 83 cents a share, compared with $70.1 million, or $1.27 a share, in the year-ago period.
Revenue was $356.7 million, up 7.7 per cent from $331 million a year ago.
In a statement, the company attributes the decrease profit to changes in the corporate income tax rate in Ontario and to a reduction of the depreciation period of certain property, plant and equipment.
Meanwhile, Cogeco Cable (TSX:CCA) reports profits of $45.7 million, or 94 cents a share, in the fourth quarter, down from $69 million, or $1.42 a share, a year earlier.
Revenue increased 6.2 per cent to $324.8 million, compared with $305.8 million a year ago.
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