Olympics golden for TV Azteca's profit

But economic crisis affecting Azteca America

MAZATLAN, Mexico -- Mexican broadcaster TV Azteca said Thursday that third-quarter net income rose 12% on increased sales generated from its coverage of the Olympic Games.

Mexico's No. 2 network reported a net profit of 492 million pesos ($45 million), up from 447 million pesos a year ago.

Quarterly net sales came in at 2.6 billion pesos ($190 million), representing a 7% jump compared with the year-earlier period.

Despite Azteca's solid performance here in Mexico, its U.S. Spanish-language network Azteca America is grappling with the economic downturn. Azteca America, which competes against market leader Univision and NBC Universal's Telemundo, saw quarterly net sales fall 14%.

Programming exports, led by sales of Azteca's popular telenovelas, also went south.