Cogeco Q4 profit up 71 percent

Thu Oct 27, 2011 8:44am EDT
 
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(Reuters) - Media and telecom company Cogeco Inc (CGO.TO: Quote) and its main unit Cogeco Cable (CCA.TO: Quote) posted higher quarterly profits and forecast strong revenues for 2012.

Cogeco Inc forecast revenue of about C$1.57 billion for 2012, while Cogeco Cable -- which provides cable television, high-speed Internet and telephone services in Canada and Portugal -- sees full-year revenue of C$1.45 billion.

Montreal-based Cogeco Inc posted a net profit of C$21.1 million, or C$1.26 a share, in the quarter, compared with C$12.3 million, or 73 Canadian cents, a year ago.

Revenue rose 13 percent to C$375.4 million.

The more closely watched Cogeco Cable, in which Cogeco Inc holds voting control via a 32 percent equity stake, posted a net profit of C$69.6 million, or C$1.42 per share, compared with a profit of C$39.7 million, or 81 Canadian cents a share, a year ago. Revenue rose 8 percent to C$350.2 million.

Shares of Cogeco Inc closed at C$45 while Cogeco Cable closed at C$48.62 on Wednesday on Toronto Stock Exchange.

(Reporting by Ankur Banerjee in Bangalore; Editing by Joyjeet Das)