Cogeco Communications expects to benefit from post-pandemic employment trends
Posted Jul 15, 2021 12:46:38 PM.
Last Updated Jul 15, 2021 12:55:09 PM.
This article is more than 5 years old.
MONTREAL — Cogeco Communications Inc. expects to benefit from the work-from-home trend it believes will continue as COVID-19 continues to impact its operations.
The Montreal-based company, which successfully fended off a hostile takeover attempt by Rogers Communications Inc. last year, said the employment trend should benefit its various network expansion projects, especially in underserved and unserved areas.
On Wednesday, Cogeco Communications reported a profit attributable to owners of the corporation of $95.7 million or $2.01 per diluted share for the quarter ended May 31.
The result compared with a profit of $90.8 million or $1.87 per diluted share in the same quarter a year earlier.
Revenue for what was the company’s third quarter climbed 3.1 per cent to $624.3 million from $605.8 million in the same quarter last year.
Excluding currency fluctuations, it says revenue rose 8.8 per cent.
“Although we are pleased with the financial results to date under the circumstances, we remain cautious in our management of this situation as uncertainties remain on the potential human, operating and financial impact of the pandemic,” the company stated in a news release.
This report by The Canadian Press was first published July 15, 2021.
Companies in this story: (TSX:CCA, TSX:CGO)
The Canadian Press
