(Montreal) Cogeco Communications recorded a decline in revenue and profits during its first quarter for the 2024 fiscal year.

The telecommunications company presented financial results for the period ending November 30 on Wednesday.

It revealed a profit of 89.5 million, a drop of 19.7% which it mainly explains by the increase in financial charges. Diluted earnings per share were $2.01.

As for earnings before interest, taxes, depreciation and amortization (EBITDA), it amounted to 359 million, a decrease of 2.3%.

Cogeco Communications posted revenues of 747.7 million, down 1.9% from the corresponding period last year.

Furthermore, the company indicated that its Canadian cable subsidiary had once again increased its number of Internet service subscribers. The net addition of customers at Cogeco Connexion amounted to 10,765. According to the company, this performance is explained by the combination of new customers from the oxio digital brand as well as the expansion of the fiber network up to ‘at home and other operating areas.

“We continue to be impressed by the growing adoption of the oxio brand by customers,” commented Cogeco Communications President and CEO Philippe Jetté in a press release.