(Montreal) Cogeco has announced increases in its profits and revenues for the fourth quarter of its fiscal year, which ended August 31, despite a difficult economic environment.
Posted at 7:13 p.m.
The telecommunications company reported Thursday, after stock markets closed, a profit of $111.4 million, of which $36.4 million, or $2.31 per diluted share, was attributable to owners of the society. This is up from profits of $103.4 million ($33.1 million attributable to owners, or $2.07 per share), for the corresponding period of fiscal 2021.
Revenue rose 14% to $746.9 million. In particular, revenues in the telecommunications sector in the United States jumped 32.2%, mainly due to the acquisition of cable systems in Ohio completed on 1er September 2021.
In Canada, revenues in the telecommunications sector increased by 1.1%, mainly due to growth in internal products.
Cogeco, however, suffered a 4.1% drop in revenues in the media sector, due to a slowdown in the radio advertising market.
President and CEO Philippe Jetté said he was “satisfied with Cogeco’s overall performance, which is in line with our financial projections for fiscal 2022, despite the current difficult economic environment”.
In Canada, “this quarter was marked by sustained organic growth in the number of our Internet service customers and by the implementation of several network expansion projects, mainly in Quebec, and by the announcement of new to connect more than 13,800 homes and businesses under the Government of Ontario’s Accelerated High Speed Internet Program.
As for the slowdown in radio advertising revenues, Mr. Jetté pointed out that “although the market remains difficult, Cogeco Media has continued to stand out in the ratings”.
Cogeco management clarified that the pandemic has impacted the advertising market due to restrictions imposed on certain customer segments, particularly in the travel sector, as well as supply chain disruptions that are hurting businesses. of the automotive sector.
“Even if the market remains difficult, Cogeco Media continues to exercise tight control over its operating expenses,” the company said.