Cogeco (CGO) has reported that its profit declined 18% from a year earlier in what was its fiscal first quarter.
The Montreal-based company that provides internet, video and phone services reported a profit of $34.5 million, or $2.21 per share, for the quarter ended Nov. 30, 2023.
That was down 18% from a profit of $42.1 million, or $2.67 per share, in the same period of 2022.
Cogeco’s revenue totalled $776.2 million in fiscal Q1, down 2% from $789.7 million a year earlier.
The company, which primarily operates in Quebec, did not provide an immediate explanation for the latest earnings decline.
Cogeco’s stock has declined 13% over the past year to trade at $58.32 per share. Through five years, the company’s share price is down 11%.
