2023-07-13 23:31:12
Cogeco on Thursday posted a loss attributable to shareholders of 34.5 million in the third quarter, while the company had posted a profit of 37.5 million in the same period a year ago.
Posted yesterday at 7:31 p.m.
The company says its third-quarter loss attributable to shareholders was primarily due to non-cash impairment charges of $88 million related to the radio business, as well as higher costs.
Cogeco reported revenue of $767.6 million, up 1.7% from a year ago.
Diluted loss per share was $2.22, compared to earnings per share of $2.37 a year earlier.
For the same period, its cable and internet subsidiary reported that profit attributable to shareholders amounted to 95.9 million, down 4.3% compared to the previous year.
Cogeco Communications said its revenue for the third quarter ended May 31 was $741.8 million, up 1.9% from a year earlier.
The company reported that U.S. telecommunications revenues fell 5.7% in constant currency, while Canadian telecommunications revenues increased 3.2%.
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