HispanicBusiness

US entertainment company Viacom (NYSE:VIA) reported Tuesday that net profits rose to 463 million dollars in the third quarter, up from 401 million dollars in the same period last year, the company said in a statement.

Viacom, which runs several media brands, including the MTV Networks and the Paramount Home Entertainment, reported a 14-per-cent increase in operating income and a 24-per-cent rise in adjusted net earnings for the third quarter which ended September 30.

"The gain in operating income in the quarter was driven primarily by an 88-million-dollar increase in the filmed entertainment segment.
Adjusted net earnings from continuing operations attributable to Viacom were 421 million dollars, up 24 per cent over the third quarter 2008 results," the statement said.

"We continued to take a number of actions to strengthen our financial position, tighten our operations and improve execution across our businesses. The third quarter proved to be an opportune time to extend our long-term debt maturities at favourable rates, which allowed us to further strengthen our balance sheet," said Philippe Dauman, president and chief executive officer.

However, the company's revenues decreased 3 per cent, to 3.32 billion dollars, during the third quarter. Viacom said that decrease reflects "lower home entertainment and advertising sales."