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Cogeco posts lower profit

Media and telecoms company Cogeco Inc (CGO-T) and its Cogeco Cable (CCA-T) subsidiary on Thursday reported lower fourth-quarter results, but backed their fiscal 2011 forecast.

For the June-August quarter, Cogeco Inc's net income fell to $12.3 million, or 73 cents a share, from $14.6 million, or 87 cents a share, a year ago.

Revenue for the company, with a market value of about $502 million, rose nearly 6 percent to $333.7 million.

Analysts on average had expected a profit of 63 cents a share, according to Thomson Reuters I/B/E/S.

Net income for the company's cable arm, which operates in Canada and Portugal, was $39.7 million, or 81 cents a share, compared with $44.7 million, or 92 cents a share, a year ago.

Revenue in the cable subsidiary also rose more than 5 percent to $324.3 million. CTV Two CTV News CTV News Channel BNN - Business News Network CP24