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

Cogeco Inc. reported a shareholder loss of $34.5 million in the third quarter, down from earnings of $37.5 million in the year-ago period.

The company says its third-quarter loss attributable to shareholders is primarily due to non-cash impairment charges of $88 million related to its radio business, plus higher expenses.

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

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

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

It says US telecom revenue fell 5.7 percent on a constant currency basis, while Canadian telecom revenue increased.

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

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

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