US telecom major Verizon's profits have risen 18 per cent in the second quarter of 2005. Verizon has profited from the sale of its telephone business in Hawaii and from tax gains. In the second quarter of 2005, the group earned $2.11 billion or $0.75 per share, up from $1.8 billion or $0.64 per share in the same period last year. The sale of its wireline and direct operations in Hawaii contributed $336 million to its earnings while tax benefits of $242 billion were recognised on investment losses from last year. The company's revenue jumped almost 5 per cent during the quarter to $18.6 billion.