Cogeco reports loss in third quarter, Cogeco Communications earns $95.9 million

Cogeco Inc. reported a loss attributable to shareholders of $34.5 million in the third quarter, down from earnings of $37.5 million during the same period a year ago.

The company says its loss for the third quarter attributable to shareholders is mainly due to non-cash impairment charges of $88 million related to radio operations, plus higher costs.

Cogeco reported revenue of $767.6 million, up 1.7 per cent from a year ago.

Meanwhile, its cable and internet subsidiary says profit attributable to shareholders was $95.9 million, down 4.3 per cent from a year earlier.

Cogeco Communications Inc. says its revenue for the third quarter ended May 31 was $741.8 million, up 1.9 per cent from a year earlier.

It says American telecom revenue decreased by 5.7 per cent on a constant currency basis, even as Canadian telecom revenue increased.

This report by The Canadian Press was first published July 13, 2023.

Companies in this story: (TSX:CGO, TSX:CCA)