Cogeco Cable Bumps Up Dividend

Cogeco Cable Inc. reported a 39-per-cent increase in first-quarter profit on Thursday and raised its forecast for fiscal 2007.

Profit at Cogeco Cable climbed to $12.5-million or 31 cents a share in the three months ended Nov. 30 from $9-million or 23 cents a share in the year-earlier period. Revenue rose 55 per cent to $222-million.

Cogeco Cable is also is increasing its dividend 50 per cent to 6 cents a share. The higher dividend is payable Feb. 7 to shareholders of record as of Jan. 24.

Parent company Cogeco Inc., which also owns media assets in Quebec, reported a 46 per cent increase in revenue to $263.3-million in the period. Profit advanced 47 per cent to $6.75-million, or 41 cents a share, from $4.59-million, or 28 cents in the year-ago period.

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