Turner Broadcasting System Inc. reported sharply higher...

Turner Broadcasting System Inc. reported sharply higher fourth-quarter and full-year earnings.

In the fourth quarter, Turner said profit rose to $43.4 million, or 16 cents a share, from $7.3 million, or a post-dividend loss of 3 cents a share. Revenue in the quarter rose 12.6% to $402.4 million from $357.3 million.

For the year, profit soared to $85.9 million, or 23 cents a share, from a 1990 profit of $4.6 million that translated as a loss of 28 cents a share after preferred dividend payments.

Revenue was also a record, the company said, rising 6.2% to $1.48 billion from $1.39 billion. The company said it increased operating profit in every segment of its business except real estate.

Turner Broadcasting owns CNN, Headline News, the TBS SuperStation and Turner Network Television, all stalwarts of U.S. cable systems. It also owns the Braves, the National Basketball Assn.’s Atlanta Hawks and the massive MGM/United Artists film library.

Turner said news revenue in 1991 for CNN and Headline News rose 18%, and operating profit rose by 25% over 1990, despite the huge costs of covering the Gulf War. Revenue garnered from contracts to provide news service overseas ballooned 107%.

Turner’s sports segment saw revenue rise 70% for the year, mainly because of the long-suffering Braves winning the National League pennant and playing in the World Series.