Impressive subscriber growth led Cogeco Cable to increased first quarter revenue, despite a reduced profit line due to a year-earlier income tax recovery.

With revenue at Cogeco Cable rising 4.5% to $331.5 million, the cablecaster raised its fiscal 2011 net income forecast to $140 million, from $120 million.

The latest revenue gain followed Montreal-based Cogeco signing up another 70,690 subscribers in Canada and 20,179 new subscribers in Portugal during the first quarter.

Despite the subscriber growth, first quarter earnings fell to $33.6 million, against a profit of $56.6 million in 2010, after Cogeco Cable last year recorded a one-time positive income tax adjustment.