July 10, 2009 / 12:49 PM / 8 years ago

UPDATE 2-Cogeco posts higher Q3 profit, FY10 view lags Street

* Q3 adj EPS C$0.53 vs C$0.57 year ago

* Q3 rev 11 pct higher to C$316.3 mln

* Cogeco Cable shares down 5 pct (Adds details, updates stock movement)

July 10 (Reuters) - Canadian cable and telecommunications company Cogeco Inc CGO.TO posted an 11 percent increase in third-quarter profit, driven by strong performance of cable and radio operations, but forecast lower-than-expected revenue for 2010.

Cogeco Inc, which earns most of its revenue from its cable business, expects its unit Cogeco Cable’s (CCA.TO) revenue in 2010 to grow at the same level as in 2009.

Cogeco Cable, which offers cable, television, Internet and phone service, expects revenue of C$1.25 billion for 2010.

Analysts on average expect revenue of C$1.28 billion for the year, according to Reuters Estimates.

Cogeco Inc expects revenue of C$1.29 billion in 2010. Analysts expect revenue of C$1.34 billion.

For the quarter ended May 31, Cogeco earned C$10.5 million ($8.94 million), or 63 Canadian cents a share, from C$9.5 million, or 57 Canadian cents a share, in the same period last year.

Excluding items, it earned 53 Canadian cents.

Revenue came in at C$316.3 million during the quarter.

Separately, Cogeco Cable said its quarterly earnings rose to C$31.8 million, or 65 Canadian cents a share, from C$31.1 million, or 64 Canadian cents a share a year ago.

Cogeco Cable’s revenue was up 11 percent at C$305.7 million.

Excluding items, the company earned 55 Canadian cents.

Analysts on average expected earnings of 59 Canadian cents, excluding items, on revenue of C$304.4 million, according to Reuters Estimates.

Shares of Cogeco were down 1 percent at C$22.24 in Friday afternoon trade on the Toronto Stock Exchange, while those of Cogeco Cable were down 5 percent at C$27.48.

$1=1.163 Canadian Dollar Reporting by Ashutosh Joshi in Bangalore, Editing by Dinesh Nair, Unnikrishnan Nair

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