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Murdoch's News Corp posts $832 mn profit

News Corp said its quarterly profit edges higher to $832 mn as robust gains in television ops offset softer results from Hollywood films.

business Updated: Feb 05, 2008 09:09 IST

Media-entertainment giant News Corp has said its quarterly profit edged higher to $832 million as robust gains in television operations offset softer results from Hollywood films.

The report for the quarter to December 31 for the New York-based conglomerate headed by Rupert Murdoch partly included results from its acquisition of the Wall Street Journal and the newspaper's parent Dow Jones and Co on December 13 for some $5.6 billion.

The profit for the company's second fiscal quarter was up 1.2 per cent from a year ago and in line with most analysts' forecasts at 27 cents per share.

Revenues increased 9.5 per cent for the period to $8.59 billion, slightly ahead of expectations.

"We are obviously proud of the results we delivered during the second quarter, the highest operating income quarter in our history, but most important is the balanced nature of our earnings momentum with double-digit growth at nearly every operating segment," the Australian-born Murdoch said in a statement yesterday.

"Our unrelenting focus on exploring new opportunities as consumer choice evolves and developing market leadership positions regardless of borders has enabled us to deliver consistently strong financial results irrespective of individual market conditions."

The company's filmed entertainment unit reported a drop in operating profit to $402 million from $470 million a year earlier, hurt in part by the timing of some television programme releases, offsetting a positive impact from films including "Juno" and "Alvin and the Chipmunks".