Cogeco Communications Inc. says its net profit in the third quarter increased five per cent to $100.3 million on a boost in revenues.
The Montreal-based company says profit attributable to shareholders was the equivalent of $2.16 per diluted share, up from $2.01 per share or $95.7 million a year earlier.
Revenue for the three months ended May 31 was $728.1 million, up 16.6 per cent from $624.3 million in the third quarter of 2021.
American broadband services revenue increased 31.7 per cent while Canadian broadband services revenue was 2.5 per cent higher as a result of last year’s $4.6-million revenue cut from the retroactive impact of the CRTC’s decision on wholesale high-speed internet access services and organic revenue growth.
Cogeco Communications says it expects fiscal 2023 revenue will grow two to four per cent in constant dollars with net capital expenditures ranging between $750 million and $800 million, including up to $230 million to expand its footprint in Canada and the U.S.
Chief executive Philippe Jetté says the results were in line with expectations despite the “increasingly challenging economic context.”
“The financial and operational performance was in line with expectations, while the number of customer additions reflected slower activity in the industry,” he said in a news release issued after markets closed.