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Accounting gains lift Cogeco profit

Cogeco Cable Inc. President and CEO Louis Audet addresses the Montreal-based cable and internet company's annual general meeting in this file photo.

J.P. Moczulski/CP

Cogeco Inc. says its second-quarter profit nearly quadrupled, rising to $81.5-million, with the increase largely coming from accounting provisions for the discontinued European operations of its cable subsidiary.

Cogeco's continuing operations in Canada also saw improved profit as the Montreal-based cable and media company's revenue grew 12.4 per cent from a year ago to $345.6-million.

The company announced at the end of the quarter, on Feb. 29, that it had sold its troubled Portuguese subsidiary for just over $59-million.

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Those discontinued operations accounted for 99 cents per share of net income at Cogeco Inc. in the quarter, contrasting with a year-earlier loss of 18 cents per share.

Overall profit for the quarter was $1.49 per share, including 50 cents per share from continuing operations — both big increases from a year earlier.

At Cogeco Cable Inc. , overall profit was $1.70 per diluted share, including 63 cents per share from continuing operations and $1.06 from discontinued operations.

The cable operation produces most of Cogeco's revenue. In the second quarter, Cogeco Cable revenue was $317.7-million — up 8.3 per cent from $293.4-million a year earlier.

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