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Phone company’s quarterly profit rises 18 percent

Tuesday, July 26, 2005 | 10:51 a.m.

Verizon Communications Inc., the largest U.S. telephone company, said second-quarter profit increased 18 percent, buoyed by its wireless business and the sale of phone lines in Hawaii.

The gain from the Hawaii sale accounted for almost all the increase in net income to $2.11 billion, or 75 cents a share, from $1.8 billion, or 64 cents, a year earlier. Revenue increased at the slowest pace in five quarters, illustrating the lack of growth that has prompted a majority of analysts tracked by Bloomberg to rate the stock "hold" or lower.

Wireless unit profit expanded 10 percent, helping offset higher-than-expected losses of local phone lines.

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