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Cogeco reports better than expected growth for 2009

Cogeco Cable, the Canadian operator that owns Portuguese MSO Cabovisão, has confirmed higher than projected growth for the 2009 fiscal year, despite a write-down in the value of Cabovisão.

During the year, the operator added 175,364 RGUs, well above the 100,000 projected, due to growth in digital TV customers in Canada and Spain.

Consolidated revenue for 2009 grew by US$141m (€96m) to US$1.2bn, a 13.1% increase over the previous year, due mainly to growth in RGUs and acquisitions in Canada. However, the company reported a net loss of US$256.7m for the year due to the impairment loss of US$383.6m of related income taxes recorded on its investment in Cabovisão. “The recovery plan implemented in the spring by our European subsidiary has started to bear fruit and we won more than 20,000 customers for the different lines in the fourth quarter, which offsets losses incurred in the previous quarters,” stated Louis Audet, president and CEO of Cogeco.