Business News
Time Warner triples third-quarter profits
Nov 1, 2006, 18:19 GMT
New York - Media giant Time Warner Inc reported an almost three-fold increase in third-quarter profits on Wednesday as the acquisition of Adelphia Communications Corp helped boost cable television revenue.
The world's largest media company said net income rose to 2.32 billion dollars from 853 million dollars in the same period a year earlier.
Digital cable has been Time Warner's biggest gainer as the company's core businesses, Warner Bros studios and AOL, continue to lag behind.
The company's cable television division Time Warner Cable - the US' second-largest behind Comcast Corp - reported a 44-per-cent revenue increase to 3.21 billion dollars, compared with a 2.8-per- cent drop to 1.98 billion dollars at AOL and 9.8-per-cent decline to 2.39 billion dollars at Warner Bros studios.
Sales overall were up 6.5 per cent to 10.9 billion dollars.
Time Warner stocks were relatively unchanged Wednesday on Wall Street as investors had hoped for an even higher profit increase, after Comcast reported a five-fold jump in net income last week.
© 2006 dpa - Deutsche Presse-AgenturCOMMENT
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