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Cogeco fiscal Q2 profit climbs 84.0% YOY

Cogeco Inc. said its normalized net income for the fiscal second quarter ended Feb. 29 was 63 Canadian cents per share, a gain of 84.1% from 34 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$10.5 million, a gain of 84.0% from C$5.7 million in the prior-year period.

The normalized profit margin climbed to 1.8% from 1.1% in the year-earlier period.

Total revenue grew 7.7% on an annual basis to C$578.5 million from C$536.9 million, and total operating expenses rose 7.1% from the prior-year period to C$456.4 million from C$426.1 million.

Reported net income increased on an annual basis to C$33.3 million, or C$1.98 per share, from C$14.8 million, or 88 cents per share.