New York - Media conglomerate Time-Warner saw profits slide 34 per cent in the second quarter, the company announced Wednesday.

But the results were better than anticipated with most of the decline due to the company's spinoff of its cable television business.

Excluding the now-separated cable operations, revenue dropped 8.8 per cent to 6.81 billion dollars from the year-ago quarter. Earnings were 519 million dollars, down from
792 million dollars a year ago.

The company said it remains on track to spin off floundering internet division AOL to its shareholders as a separate, publicly traded company around the end of the year.(dpa)