July 10, 2014 / 3:23 AM / in 4 years

REFILE UPDATE 1-Cogeco Cable profit falls on impairment charges

(Refiles to add ‘Update 1’ tag in headline)

July 9 (Reuters) - Cogeco Cable Inc, a Canadian cable TV, Internet and phone services provider, reported a lower third-quarter profit as its unit Cogeco Cable Canada booked impairment charges during the period.

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 $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 quarter.

The U.S. cable services unit of the company lost 1599 cable customers, while it added 733 new telephone customers during the quarter.

Revenue rose by 6.9 percent to $496.4 million.

Owned by media and telecommunications company Cogeco Inc , Cogeco Cable competes with Rogers Communications Inc , Telus Corp and BCE Inc. ($1 = 1.0648 Canadian Dollars) (Reporting By Sudarshan Varadhan in Bangalore; Editing by Gopakumar Warrier)

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