Time Warner Cable has posted a 22 per cent rise in quarterly profit as the company added more Internet customers. The No. 2 US cable television operator’s profit growth and increasing return of cash to shareholders was offset with its continuing loss of TV customers during the quarter.
Fourth-quarter net profit rose to $392 million compared with $322 million a year earlier. Revenue rose 6 per cent to $4.8 billion.
Time Warner Cable added 94,000 residential and commercial Internet customers and 72,000 phone customers in the quarter. Analysts at Kaufman Bros had forecast it would add 100,000 new Internet subscribers and 35,000 phone customers. But the New York-based company lost 141,000 basic video subscribers.