Telecommunications company Cogeco (CGO) has reported a net loss of -$34.5 million for its fiscal third quarter, which it blamed on rising costs and a one-time impairment charge.
The Montreal-based firm’s earnings were down 192% from a net profit of $37.5 million a year earlier.
Cogeco said the loss was primarily due to a non-cash impairment charge of $88 million related to its radio operations.
The company reported total revenue of $767.6 million for fiscal Q3, up 1.7% from a year ago.
Revenue from Cogeco’s cable and internet subsidiary fell 4.3% in the quarter, while its American telecom revenue decreased 5.7% on a constant currency basis.
Cogeco’s stock has declined 19% over the last 12 months to $54.15 per share.