Cogeco, the Canadian owner of CabovisÃ£o, has reported a third quarter loss due to the write-off of its net investment in the Portuguese cable operator.
This was recorded through a non-cash impairment loss of CA$225.9 million (Â165 million) as a result of Âthe severe decline in the economic environment in PortugalÂ as well as third-quarter subscriber loses, despite Cogeco investing in additional marketing activities designed to generate RGU growth and launching new HD channels. Cogeco reported a total loss of CA$182 million in the third quarter, compared to net income of $31.2 million for the same period of the previous fiscal year.
CabovisÃ£o ended May with 842,525 RGUs after losing 10,565 in the quarter. The number of digital TV subs declined by 6,041 to 169,762.