MONTREAL — Cogeco Communications Inc. says its net profit in the fourth quarter rose 9.1 per cent to $104.9 million on a boost in revenue.
The Montreal-based company says profit attributable to shareholders was the equivalent of $2.28 per diluted share, up from $2.03 per share or $96.2 million a year earlier.
Revenue for the three months ended Aug. 31 was up 14.7 per cent at $725.4 million compared to $632.6 million in the same period last year.
American telecommunications revenue increased by 32.2 per cent while Canadian telecommunications revenue was up 1.1 per cent.
Net capital expenditures and capital intensity were $223.5 million and 30.8 per cent, respectively, compared to $175.2 million and 27.7 per cent in the same period of the prior year, following accelerated network expansion activities in the U.S. and Canada.
Cogeco Communications CEO Philippe Jetté says overall performance was in line with the company's financial projections for fiscal 2022, despite the current challenging economic environment.
The company says it expects the combination of inflation, rising interest rates and longer delivery times to continue to put pressure on revenue and on the cost to deliver its services.
This report by The Canadian Press was first published Oct. 27, 2022.
Companies in this story: (TSX:CCA, TSX:CGO)
The Canadian Press
