MONTREAL — Cogeco Inc. says its second-quarter net profit was $110.2 million, down from a year ago, as higher financial and income tax expenses offset revenue gains at its main subsidiary.
The Montreal-based company, which successfully fended off a hostile takeover attempt by Rogers Communications Inc. last year, says its net profit for the three months ended Feb. 28 was equal to $2.11 per diluted share of Cogeco Inc.
The result compared with a net profit of $113.4 million or $2.18 per diluted share of Cogeco Inc. in the second quarter of the company’s 2020 financial year.
Cogeco Inc.’s revenue rose to $653.2 million from $610.8 million a year ago, most of it generated by its publicly traded telecommunications subsidiary.
Cogeco Communications Inc. reported separately revenue of $634.5 million for the three months ended Feb. 28, up from $586.5 million a year earlier.
The cable and internet subsidiary, which operates in Quebec, Ontario and the United States, earned $110.6 million or $2.14 per Cogeco Communications share, down from $114.0 million or $2.22 per share a year earlier.
Revenue at Cogeco Communications was up mainly because of a friendly takeover of Quebec-based DERYTelecom, which closed in December.
This report by The Canadian Press was first published April 14, 2021.
Companies in this story: (TSX:CGO, TSX:CGA)
The Canadian Press
