Cogeco Inc. reported its first-quarter results for the 2007 fiscal year on January 11. The Montreal-based cableco and part-owner of the TQS network with CTV globemedia said that consolidated revenue grew by 45.9%, or from $180 million in Q1 2006 to $263 million in the latest quarter, thanks in part to the boost in business from its acquisition of Cabovisao – Televisao por Cabo SA, one of Portugal’s largest cable providers.

On those revenue figures, the firm managed to earn a net profit of $6.7 million, up 47% from $4.6 million in Q1 last year. However, capital expenditures at its cable operations ate into Cogeco’s free cash flow, putting it in the red during the quarter.

Nevertheless, Cogeco’s management noted that the results exceeded their expectations formulated earlier in the year, and that they were upgrading their projections for 2007 as a result. "The Portuguese and the Canadian operations should continue to perform well and we have revised our guidance to better reflect our expectations," Cogeco president and CEO Louis Audet said in a release. In addition to its cable network and a 40% stake in TQS, Cogeco also owns and operates radio stations as part of the Rythme FM network in Quebec.