New mobile competition is cutting into Rogers Communications’ bottom line.

The cable and mobile phone giant on Tuesday posted third quarter earnings of $370 million to September 30, down 24% from a profit of $485 million in 2009, despite overall revenue rising 3% to $3.2 billion.

Away from mobile, where Rogers faces new market entrants, the media group saw its cable division grow its TV, Internet access and voice-over-cable telephone subscriber base by 54,000 customers in all.

During the latest quarter, cable revenue rose 3% to $797 million, and the Rogers Media division, newly-led by Keith Pelly, also achieved 3% revenue growth to $376 million.

Rogers put the media division revenue increase down to higher primetime TV ratings, increased subscriber fees and an improving radio and advertising market.

Publishing revenue, on the other hand, fell on lower advertising revenue.

Rogers reported its total TV subscriber base rose by 17,000 during the latest quarter to just over 2.3 million customers.