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Time Warner profit drops 10 per cent
May 4, 2011, 16:07 GMT
New York - Time Warner posted a 10-per-cent decline in first-quarter profits on Wednesday as higher production costs outpaced a rise in revenue.
The media conglomerate said that it earned 653 million dollars in the quarter, down from 725 million dollars a year ago.
Sales rose 6 per cent to 6.7 billion dollars, boosted by an 18- per-cent jump in sales at the company's network division, which includes CNN and HBO. The Warner Bros film unit slipped 3 per cent with a lackluster slate of films that failed to match last year's releases of The Blind Side and Sherlock Holmes.
'We're off to a solid start this year,' Chairman and chief executive Jeff Bewkes said. 'We're on track to meet our financial goals for 2011 and making a lot of progress toward our longer-term objectives.'
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