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Last Updated: Wednesday, 28 July, 2004, 14:35 GMT 15:35 UK
Harry Potter helps Warner profits
Harry Potter shouting and waving his wand
He may look scrawny, but Harry Potter has box office muscle
Time Warner, the world's biggest media company, has seen profits top market forecasts, partly driven by earnings from its latest Harry Potter film.

The company also benefited from greater demand for television advertising.

Profit in for the April to June period was $777m (428m). Although profits were lower than the same period last year, sales climbed 10% to $10.9bn.

Time Warner indicated that its business environment is improving by raising earnings targets for the year.

Shares climbed on the news, adding 1.5% to $17.15 during early trading in New York.

Another positive, analysts said, was that Time Warner's AOL internet unit added 85,000 billed subscribers from the first quarter.

However, the company warned that US regulators were still probing its books and accounting practices, and that it may have to restate earnings at a later date.




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