January 13, 2010 / 1:01 PM / 8 years ago

Update 1-Cogeco earnings rise on cable business

* Q1 net EPS C$1.35 Vs C$0.65 a yr ago

* Excluding items, Q1 EPS C$0.78

TORONTO, Jan 13 (Reuters) - Canadian cable and telecommunications company Cogeco Inc (CGO.TO) said on Wednesday its fiscal 2010 first-quarter earnings rose, helped by growth in its cable business.

Net income in the quarter ended Nov. 30 rose to C$22.7 million, or C$1.35 a share, up from C$10.9 million, or 65 Canadian cents a share, a year earlier.

Excluding a favorable income tax adjustment in the most recent quarter, earnings were C$13.1 million, or 78 cents a share.

Cogeco, which earns most of its revenue from its cable business, said its quarterly revenue rose 6.4 percent to C$328 million.

In November, Rogers Communications (RCIb.TO), owner of Canada’s biggest wireless carrier, announced it would spend more than C$160 million to buy a stake in rival Cogeco, as part of its investment strategy. (Reporting by Euan Rocha; Editing by Derek Caney)

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