Cogeco reported its revenue for the third quarter reached $724.2-million, down year-over-year from $758.5-million.Christopher Katsarov/The Canadian Press
Cogeco Inc. CGO-T reported a loss of $1.8-billion during the third quarter, compared with a profit of $74-million during the same period a year earlier.
That amounted to a diluted loss of $42.84 per share, compared with diluted earnings per share of $2.13 last year.
The company says the loss was mainly due to non-cash pre-tax impairment charges recognized during the quarter.
In June, Cogeco Communications Inc. and Cogeco announced expectations to take an impairment charge of about $1.7-billion related to its U.S. telecommunications segment.
Cogeco expects $1.7-billion writedown over U.S. telecom division
Cogeco reported its revenue for the third quarter reached $724.2-million, down year-over-year from $758.5-million.
Cogeco Communications Inc., the company’s cable and internet subsidiary, reported a third-quarter loss of $1.7-billion, compared with a profit of $73.3-million during the prior year quarter.