The result contrasts with last year's $190.4m loss, which included a $355m charge related to its Blockbuster video chain. Shares, listed on the New York Stock Exchange fell by $1.48, or 3.14%, when the market opened this morning to trade at $45.70.
Revenue rose 10% to $6.31bn, up from $5.71bn a year earlier, with profits before interest, tax, depreciation and amortisation soaring 56% to $1.53bn from $976.9m a year earlier.
Earnings per share for the quarter were 36 cents, exceeding analysts' expectations of 32 cents.
Viacom's Cable Networks -- which includes MTV, Nickelodeon, TV Land, TNN and BET -- enjoyed growth of 13%, with income from TV networks CBS and UPN up 14%.
Blockbuster revenues increased 9.6% to $1.39bn and earnings before various items came to $142m, against last year's loss of $210.4m, a turnaround reflecting the massive growth in the DVD market and the phasing out of VHS tapes.
Profits in the film and publishing divisions, which includes Paramount Pictures, jumped 46% to $167.8m on the back of an 8% rise in revenue.
The company expects earnings per share in the fourth quarter to grow more than 20% and anticipated mid-single digit revenue growth in 2003.
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