The Cogeco logo is seen in Montreal on Thursday, October 22, 2020. THE CANADIAN PRESS/Paul Chiasson
July 13, 2023 - 3:23 PM
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)
News from © The Canadian Press, 2023