Cogeco Inc. increased its first-quarter profit by 20 per cent as the Montreal-based company’s cable, Internet and radio businesses improved revenue.
Cogeco’s profit for the three-month period was $47.9-million, up from $39.8-million in the first quarter of fiscal 2011.
Of that, $18.8-million was attributable to shareholders of the corporation, or $1.12 per share – up from $16.4-million or 98 cents per share a year earlier.
Overall revenue rose 13.4 per cent to $387.5-million, up from $341.7-million.
Cogeco’s cable and Internet division contributed the biggest share of revenue, which rose by $26.5-million or 8 per cent to $356.9-million.
Its radio division improved revenue by $19.4-million to reach $30.6-million, mostly as a result of Cogeco’s acquisition of the former Corus stations in Quebec.