Tuesday, August 5, 2008

News Corp. 4Q Profit Rises 27%

Rupert Murdoch’s News Corp. earned $1.13 billion, or 43 cents per share, during its fiscal fourth quarter. A year ago the company earned $890 million, or 28 cents per share. The company's revenue jumped 17% to $8.6 billion.

News Corp does not report results on the basis of continuing operations, making year-to-year comparisons somewhat inexact as its lineup of properties changes. Last year the company divested its large stake in DirectTV, sold its interest in Gemstar-TV Guide International and other properties, introduced the business channel and other ventures, and acquired Dow Jones & Company.

"Although we clearly face more challenging macro-economic conditions in fiscal ’09, we’re well positioned to deliver continued, if somewhat less robust growth," Murdoch, chairman and CEO of News Corp., said in a statement.

News Corp. displayed double-digit percentage income growth in all business segments except television, where income declined by 28% as ad revenue slid.

Filmed entertainment income more than doubled to $220 million from $106 million a year ago. The company said the quarter featured several successful home entertainment releases, including "Juno" and "27 Dresses."

Cable network programming profit increased by 10% from a year ago, helped by growth of 14% from Fox News Channel.

Despite the turmoil in the newspaper industry News Corp.’s newspapers and information services business saw a 17% jump in full-year earnings. The increase stemmed from revenue growth in Australia and the addition of Dow Jones, the publisher of The Wall Street Journal.

News Corp.’s book publishing unit, namely HarperCollins, boosted its quarterly income by $7 million to $28 million. The company pointed to strong sales of a number of titles, including “Bright Shiny Morning” and “Stolen Innocence.”

No comments:

Post a Comment