UPDATE 1-Mexican Megacable's net dips but sales rise

* Megacable Internet, phone revenues climb

* Total revenues up 8 pct yr/yr (Adds details on results)

MEXICO CITY, July 27 (Reuters) - Megacable, one of Mexico's largest cable television operators, said on Tuesday second-quarter net profit fell 14.6 percent year-on-year due partly to higher financing costs.

Guadalajara-based Megacable (MEGACPO.MX) said it earned 430 million pesos ($33 million) in the April-June period.

Revenue rose 8 percent to 1.80 billion pesos in the second quarter. Sales from cable television services rose 3 percent in the second quarter from a year earlier, thanks partly to promotions to working-class Mexicans.

Internet and fixed-phone services sales rose 12 percent and 22 percent, respectively.

While Internet and telephone services are growing quickly, cable television still makes up two-thirds of Megacable's business.

Megacable had a financing loss of 14 million pesos in the second quarter, reducing its bottom line compared with the same period in 2009, when it had a financing gain of 161 million pesos.

Earnings before interest, taxes, depreciation and amortization edged up 1 percent, year over year, in the second quarter to 734 million pesos. ($1 = 12.94 pesos as of end-June) (Reporting by Noel Randewich and Mica Rosenberg; Editing by Steve Orlofsky)