Cogeco projects profit, revenue growth in Q4 on strength of internet operations

Cogeco projects profit, revenue growth in Q4 on strength of internet operations
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MONTREAL — Cogeco Inc. expects to see overall growth in revenue, adjusted earnings and cash flow in its next quarter, which ends Aug. 31, although it continues to feel the impact of the COVID-19 pandemic.

The Montreal-based company says its radio business in Quebec will continue to experience pressure on advertising revenue because retailers are still struggling.

However, Cogeco says its cable television and internet operations in Ontario, Quebec and the United States have felt less impact from the pandemic.

Cogeco chief executive Philippe Jette told analysts Thursday that adjusted earnings and revenue at the cable and internet operations are expected to grow in the fourth quarter.

Cogeco Inc. reported late Wednesday that its third-quarter profit from continuing operations was $97.5 million, down 4.9 per cent from nearly $102.6 million last year.

A U.S. acquisition and favourable currency exchange rates helped push up overall revenue by 1.4 per cent to $626 million for the three months ended May 31.

This report by The Canadian Press was first published July 16, 2020.

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

The Canadian Press

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