NEW YORK (Reuters) — Time Warner Inc. yesterday said third-quarter profit nearly tripled, boosted by a gain from the purchase of cable operator Adelphia Communications Corp. and other investments.The results also spotlighted a turnaround at the company’s AOL Internet unit, where a 46 percent rise in online advertising surpassed analysts’ expectations. Time Warner’s cable unit posted a 44-percent revenue gain on subscriber growth.

“AOL was a star for a change,” said Christopher Marangi, an analyst at Gabelli & Co., which owned 13 million shares as of June 30. “It appears the new strategy has taken hold.”

Wall Street analysts said the results were moderately better than expected. Pali Research analyst Richard Greenfield noted that AOL’s online user traffic declined.

“The results were mixed. They were more positive than negative,” said Thomas Eagan, analyst at Oppenheimer & Co. Revenue from cable networks and publishing was lower than he expected.

The world’s largest media company, home to movie studio Warner Bros. and cable network CNN, said net profit rose to $2.3 billion, or 57 cents per share, from $853 million, or 18 cents per share, a year ago.

Revenue grew seven percent to $10.9 billion.

Excluding special items in both periods, the company’s profit per share rose to 19 cents from 17 cents a year ago. Wall Street analysts expected the company to post a profit of 20 cents per share, excluding items, on revenue of $11.05 billion, according to Reuters Estimates.

Results included $590 million, or 14 cents per share, for one-time gains such as the sale of a stake in Time Warner Telecom and Warner Bros. Australian Theme Parks, as well as a tax benefit.