MONTREAL — Cogeco Inc. says an acquisition by its cable and internet segment pushed up first-quarter revenue, but profit was down due to higher costs associated with integrating and restructuring the business.
The Montreal-based company says last year’s acquisition of the MetroCast cable systems by Cogeco Communications Inc. was the main reason Cogeco Inc.’s revenue increased to $674 million from $585.7 million last year.
But Cogeco Inc.’s net income attributable to owners of the corporation for the quarter ended Nov. 30 fell to $26.2 million or $1.60 per diluted share.
That compared with $29.5 million or $1.78 per diluted share a year ago.
The quarterly report was issued ahead of the annual shareholders meeting for both companies in Montreal.
Companies in this story: (TSX:CGO, TSX:CCA)
The Canadian Press