• by Wayne Friedman , April 16, 2010

General Electric's NBC Universal witnessed some mixed results in its first quarter: rising revenue but lower profits.

Much of this up-and-down came from its airing of the Vancouver Winter Olympics, which helped lift revenue 23% to $4.3 billion versus a year ago. But profits were in the other direction, sinking 49% to $199 million.

For a while now, GE executives have been saying the Olympics -- which draw big advertising dollars, at around $800 billion -- would lose money, around a quarter of a million dollars. In its earning call on Friday, GE executives said the event lost a little less money than expected: $223 million.

Fourth-quarter 2009 and first-quarter 2010 showed improvements for both local TV and its national networks. For its local TV stations, advertising grew 10% and 15%, respectively, in the fourth and first quarter. Scatter pricing for its broadcast and cable networks are 20% above 2009 upfront pricing.

"We are seeing some good recovery in the ad market," said Keith Sherin, chief financial officer of GE.

As has been its recent trend, NBCU's cable properties continue to be its strongest financial performers. Cable revenue climbed 3% to $1.2 billion overall in the first quarter.

Looking at individual networks, CNBC increased profits 7% -- this after somewhat lower TV advertising due to the recession.

Oxygen had even better results, doubling its profitability. Ratings-wise, USA Network added to its long-string of being the No. 1 viewed cable channel, now 15 quarters in a row.

But Universal Pictures continues to suffer with disappointing box office performance, although the company said home entertainment revenues have been improving.