Scandal-hit News Corp posts big loss after restructuring | business | Hindustan Times
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Scandal-hit News Corp posts big loss after restructuring

business Updated: Aug 09, 2012 23:53 IST

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US media moghul Rupert Murdoch's News Corp posted a fiscal fourth-quarter net loss of $1.6 billion compared with a profit of $683 million a year ago on Wednesday, hit by $2.9 billion of non-cash restructuring and impairment charges.

The growth at its cable networks proved to be the firm's only major bright spot. All of its other main divisions performed worse than a year ago.

The company's adjusted profit met analysts' expectations, but its shares were off 3% in after-market trading.

Revenue fell 6.7% to $8.4 billion during the quarter.

The chief financial officer, Dave Devoe, said the firm expects high single to low double-digit percentage growth in operating income this fiscal.

The company forecast double-digit growth in fiscal 2013 from its cable networks offsetting weaker performance at such units as Sky Italia.

In an interview, chief operating officer Chase Carey said he expects News Corp's local and national TV networks to outperform a relatively flat market by "low to high double digits."