UPDATE 2-Washington Post profit rises, newspaper ads fall

* Net income $1.81 a share vs $1.08 a share last year

* Revenue up on education, cable

* Newspaper rev down 20 pct, Post print ad rev down 28 pct (Adds A.H. Belo Corp results)

By Robert MacMillan

NEW YORK, Oct 30 (Reuters) - The Washington Post Co (WPO.N) posted a higher quarterly profit and a 2 percent increase in revenue on Friday on strength in its education and cable television units, while print advertising revenue at its flagship newspaper fell 28 percent.

Like the Post. most U.S. newspaper publishers, including The New York Times Co (NYT.N), McClatchy Co (MNI.N) and Gannett Co Inc (GCI.N), have been reporting declining ad revenue.

While ad revenue declines appear to be easing at many media companies, it is unclear whether newspaper publishers will be able to win back the advertising they have lost in recent years.

Circulation numbers released this week revealed that more people than ever before are canceling their print subscriptions and getting news for free on the Internet.

The Post reported third-quarter net income of $17.1 million, or $1.81 a share, compared with net income of $10.4 million, or $1.08 a share, in the quarter a year ago.