NBCU Q2 Profit Up by a Hair

Despite predictions of a 10 percent gain in revenue and profit gains of 5 percent, NBC posted  a rise in revenues of 7 percent and net profit of just 1 percent in the second quarter.

Revenue growth at USA, Bravo and Sci-Fi networks was partially offset by declines at NBC and its owned and operated stations, according to MarketWatch. Profit from the company’s cable operations rose about 13 percent.

The company expects robust cable and film growth, with Q3 estimates being anywhere from flat to up 5 percent over the third quarter of 2007, says chief financial officer Keith Sherin.

Five of Universal Studios’ six films released in Q2 met or exceeded expectations, Sherin said, though growth was hampered by significant advertising and promotion expenses for those movies. The studio will release Mamma Mia, The Mummy: Tomb of the Dragon Emperor and Death Race during the third quarter.

Despite rumors that GE has been making plans to sell NBC Universal, Jeff Zucker, pres and CEO of NBCU, continues to deny reports, saying that, in the last 12 months, “GE has been incredibly supportive,” writes MediaPost. Zucker points to purchases such as its recently announced acquisition of the Weather Channel and last year’s acquisition of Oxygen as marks in its favor.

NBCU says it will gross more than $1 billion in national advertising from the Summer Olympics in Beijing.