UPDATE 2-Cogeco Cable profit falls on impairment charges

Thu Jul 10, 2014 3:09am EDT
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* Q3 EPS C$0.72 vs C$0.98 yr earlier

* Cuts FY14 profit forecast to C$210 mln from C$235 mln

* Books impairment charges of C$32.2 mln during Q3

* Sees FY15 rev 3.8 pct higher than current year's outlook (Adds full-year forecast, details from release)

July 10 (Reuters) - Canadian telecommunications company Cogeco Cable Inc reported a lower third-quarter profit and cut its full-year profit outlook by 10.6 percent hurt by impairment charges at its Cogeco Cable Canada unit.

The company expects revenue for the next financial year to be $2.03 billion, up 3.8 percent from the projected revenue for the current year ending August.

The company, which provides cable TV, Internet and phone services, said net profit fell to C$35.5 million ($33.3 million) or C$0.72 per share, for the quarter ended May 31, from C$48.1 million, or C$0.98 per share, a year earlier.

Cogeco Cable Canada recognized an impairment charge of C$32.2 million related to an Internet Protocol Television project.

The Montreal-based company's Canadian cable services unit lost 8,021 cable customers, while 1,433 telephone customers canceled their services in the third quarter.   Continued...