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Old 30-05-2008, 11:12 PM
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TW profits fal

TW profits fal


Time Warner has reported that its first-quarter net income fell 36 per cent. However, it also affirmed its full-year outlook and said that a "complete structural separation" of its Time Warner Cable unit would be in the best interests of both companies' shareholders.

The media giant earned $771 million, or 21 cents a share, compared with $1.2 billion, or 31 cents a share, in the year-earlier quarter. Revenue rose 2 per cent to $11.42 billion from $11.18 billion on improved results at Time Warner Cable and its filmed entertainment business.

"Our results this quarter, particularly the underlying operating strength at our cable, networks and filmed-entertainment businesses, gave us the confidence to reaffirm our full-year business outlook," Chief Executive Officer Jeff Bewkes said in a statement
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