MONTREAL - Cogeco Inc. (TSX:CGO) 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 eight 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.
