MUMBAI: Media giant Viacom reported a 10 per cent increase in second quarter revenues to a record $6.42 billion, up from $5.85 billion for the same quarter last year. Net profit was up 21 per cent while operating income increased 12 per cent.
The increased income was led by segment growth of 22 per cent in cable networks like MTV and Nickelodeon, 10 per cent in both television and video and 9 per cent in outdoor. Contributing to 2003 second quarter results was growth in overall advertising revenues of 11 per cent. For the six months ended 30 June, 2003, Viacom reported revenues of $12.47 billion, an 8 per cent increase over revenues of $11.52 billion for the first half of 2002.
In May, Viacom completed its acquisition of the remaining 50 per cent interest in Comedy Central that it did not already own for $1.2 billion in cash. Comedy Central's results have been consolidated as part of Cable Networks, effective from the date of its acquisition.