Verizon Communications Inc. released a report on Monday in which it announced a growth of 4.5 per cent in its second-quarter profit, an increase owed mainly to its wireless unit.

Verizon Wireless is a joint venture of Verizon and Vodafone Group, which owns 45 per cent of the company. The Basking Ridge-based wireless data provider announced on Monday it’s going to buy Rural Cellular Corp. in a 757-million-dollars bid that will expand its subscribers’ list with more than 700,000 customers.

The company operating US’ second largest wireless telecommunications network reported an increase of its net profit to 1.68 billion dollars, or 58 cents per share, compared to the same period last year when the profit was 1.61 billion dollars (55 cents per share).

Also, sales jumped 6.3 per cent reaching 23.3 billion dollars, much more than analysts predicted. The mobile phone giant reportedly added 1.3 million costumers only in the second quarter, totaling 62.1 million subscribers.

The competition between Verizon and AT&T Inc. is sharpening, the wireless and Internet services boosting the revenues of both companies in a time when fixed lines are becoming unpopular among costumers, Verizon registering a drop of 10.3 per cent in this sector since 2006.