January 13, 2011 / 2:14 PM / in 7 years

UPDATE 1-Cogeco beats estimates as cable arm delivers

* Q1 EPS C$0.95 vs Thomson Reuters I/B/E/S est C$0.87

* Q1 rev up 4.5 pct

* Ups 2011 rev view to C$1.44 bln from C$1.38 bln

* Sees difficult conditions in Portugal continuing

Jan 13 (Reuters) - Media and telecoms company Cogeco Inc CGO.TO posted better-than-expected quarterly results boosted by strong customer adds at its Cogeco Cable CCA.TO unit, and raised its 2011 revenue outlook.

First-quarter net income dropped 30 percent to C$16 million, or 95 Canadian cents a share. The year-ago net profit of C$22.7 million included a tax benefit of C$9.6 million.

Revenue rose 4.5 percent to C$342.8 million. Revenue at Cogeco Cable also increased 4.5 percent to C$331.5 million.

In Canada, Cogeco Cable added 70,690 revenue generating units (RGU) and added 20,179 RGU in Portugal, improving its European business.

However, the company said economic conditions in Portugal continued to be difficult and it has not yet detected clear signs of a sustained economic recovery.

“As for the radio activities, we are well positioned to increase our leadership now that the transaction to acquire Corus Quebec’s radio stations is about to be concluded in the following weeks,” Chief Executive Louis Audet said in a statement.

Reading in revenue from the Quebec Radio Stations buy and the improved performance of the cable sector in the first quarter, Cogeco now expects 2011 revenue of C$1.44 billion, up from its previous forecast of C$1.38 billion.

Shares of Montreal, Quebec-based Cogeco Inc closed at C$38.45 on Jan 12 on the the Toronto Stock Exchange, while those of Cogeco Cable closed at $41.90. (Reporting by Sayantani Ghosh in Bangalore; Editing by Jarshad Kakkrakandy)

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