January 10, 2008 / 12:29 AM / 10 years ago

UPDATE 1-Cogeco Inc reports 1st-qtr loss; cable unit up

(Adds details, earning from cable unit)

TORONTO, Jan 9 (Reuters) - Cogeco Inc CGO.TO reported a first-quarter loss on Wednesday, as an asset impairment charge offset a rise in revenue, the radio, TV and communications company said.

Cogeco lost C$9.98 million ($9.88 million), or 60 Canadian a share, in the three months ended Nov. 30. That’s down from a profit of C$6.75 million million, or 41 Canadian cents a share, in the same period a year earlier.

The company said it took an asset impairment hit of about C$18.5 million connected to it TQS Inc television unit.

Revenue was up 11 percent at C$292.8 million, it said.

Cogeco also announced it would increase its quarterly dividend to 7 Canadian cents a share from 6.25 Canadian cents.

Its main unit, Cogeco Cable Inc CCA.TO, said on Wednesday its net earnings jumped 62.4 percent in the first quarter.

The cable company said it had a net profit of C$20.3 million, or 42 Canadian cents per share, in the quarter ended Nov. 30. That compared with a profit of C$12.5 million, or 31 Canadian cents per share, in the same period a year earlier.

Revenue increased by 13.4 percent to C$251.8 million, with operating income before amortization up 17.5 percent at C$98.3 million.

Cogeco Cable said it anticipated 2008 revenue growth of approximately 12 percent.

$1=$1.01 Canadian Reporting by Rob Wilson; editing by Allan Dowd

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