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Cogeco posts smaller fourth-quarter profit

File photo of Cogeco Cable Inc. president and CEO Louis Audet.

J.P. Moczulski/CP

Cable television distributor and media company Cogeco Inc. has reported smaller fourth-quarter profit, mainly due to the impact of certain tax changes on the cable sector.

The company recorded a profit of $44.9-million, or 83 cents a share, compared with $70.1-million, or $1.27 a share, in the year-ago period.

Revenue was $356.7-million, up 7.7 per cent from $331-million a year ago.

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In a statement, the company attributes the decrease profit to changes in the corporate income tax rate in Ontario and to a reduction of the depreciation period of certain property, plant and equipment.

Meanwhile, Cogeco Cable posted profit of $45.7-million, or 94 cents a share, in the fourth quarter, down from $69-million, or $1.42 a share, a year earlier.

Revenue increased 6.2 per cent to $324.8-million, compared with $305.8-million a year ago.

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