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News Corp. net profit down five percent
by Staff Writers
New York (AFP) Nov 2, 2011

News Corp. said Wednesday that net profit declined five percent in the first quarter of its 2012 fiscal year to $738 million while revenue was up seven percent to $7.96 billion.

Earnings per share of 32 cents were slightly better than the 29 cents per share expected by Wall Street analysts.

News Corp. said revenue growth during the quarter that ended on September 30 was driven by its cable, broadcast and satellite television networks and its movie releases.

News Corp. said the quarterly results included a fee related to the withdrawal of its bid for British broadcaster BSkyB and a $91 million restructuring charge related to its British newspaper business.

News Corp. abandoned its bid for BSkyB following the phone-hacking scandal in Britain that led to the closure of the tabloid weekly News of the World.

News Corp. chairman and chief executive Rupert Murdoch said in a statement that News Corp.'s "core operations are strong" and the company is "on course to achieve our strategic and financial objectives."

"While we continue to remain mindful of the persistent economic uncertainty in many parts of the globe, I am proud of News Corporation's achievements over the past quarters," Murdoch said. "We have leveraged our strong assets and solid management team to successfully navigate these unpredictable times.

"Coupled with our long-term view, I have every confidence that we will build upon these results in the coming quarters and continue to provide consistent stockholder value," he said.

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