ComcastÔÇÖs profits leap 53 percent

Comcast, the countryÔÇÖs biggest cable TV operator, reported a jump in second-quarter profits of 53 percent, it said yesterday.  The Phildelphia-based firm said that profits were boosted by higher prices and increased spending by consumers on internet and video services such as HD packages. The company said it focused its marketing efforts on attracting new cable television customers in the run-up to the digital transition on June 12. Lower capital investment and cost controls also contributed towards the better results,┬áComcast said.  Revenues for the second quarter rose to $8.9 billion, compared with $8.6 billion for the same period last year, while net income leaped from $632 million to $967 million. The companyÔÇÖs performance beat the expectations of analysts.  Comcast has revealed it is working on several new projects designed to facilitate a ÔÇ£technical repositioningÔÇØ of the company. These include faster internet speeds, a switchover of its cable system to predominantly digital technology, an application for the Apple iPhone and a wireless data service.  The company is beginning to face increasing competition in the internet market from rivals Verizon and AT&T. It has now started to roll out its high-speed internet service of 50 megabits per second, which is expected to cover 85 percent of its customer base by the end of the year. In July it trialed an online video program, via which customers could access cable TV over the internet. It expects to launch the service in the fourth quarter.┬á * ┬á┬á┬á┬á┬á┬á*┬á┬á┬á ┬á┬á┬á*