News Corp reports rise in profits
Thursday 10 May 2012
News Corporation has reported a strong rise in quarterly profits
despite continuing legal charges over the phone-hacking scandal.
The firm's net income rose to more than one billion dollars (£621m) for the three months to March, compared with 682 million dollars (£423.6m) for the same period last year.
But the company revealed costs of 63 million dollars (£39.1m) for "ongoing investigations initiated upon the closure of The News of the World" in its third quarter fiscal results.
Commenting on the results, News Corp boss Rupert Murdoch said the firm was "better situated than ever".
He said: "Once again News Corporation showed strong operational momentum in the quarter, driven by significant growth at our Cable Network Programming and Filmed Entertainment segments.
"I believe we are better situated than ever to capitalise on the increasing global demand for our superior content.
"Beyond the ongoing growth of our core businesses, I am very pleased with the company's progress as we execute upon other elements of our strategy to produce sustained, meaningful value for shareholders."
News Corp's board recently declared full confidence in Mr Murdoch after a report by a committee of MPs claimed the media mogul was "not a fit person" to run an international company.
In a contentious amendment to the report by the Commons Culture Committee investigating the News of the World phone-hacking scandal, News Corp was censured for its "lack of effective corporate governance".
The company, which owns the Fox television networks, 20th Century Fox film studio, as well as newspapers in the US, UK and Australia, showed a 2 per cent rise in revenue to 8.4 billion dollars in its fiscal third-quarter results
It also revealed it was doubling its share buyback programme to 10 billion dollars.
Operating income at its cable networks increased by 15 per cent to 846 million dollars, with large growth seen in the US, Latin America and Asia.
- 1 If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
- 2 David De Gea: Manchester United goalkeeper's £29m move to Real Madrid off - because paperwork 'not done in time'
- 3 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
- 4 Pansexual: What is it - and when did the term gain popularity?
- 5 New Apple TV release date and price: streaming box and games console will launch in October
Bono's group has made more money from Facebook investment than from all his music
Miley Cyrus calls out hypocrisy of women’s nipples being taboo
Auschwitz museum defends mist showers installed during heat wave after visitor complains they are reminiscent of gas chambers
Nazi 'gold train': Fire engulfs suspected location of vehicle in Poland
A Chinese journalist has appeared on state television 'confessing' to causing the stock market chaos
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
UN investigating British Government over human rights abuses caused by IDS welfare reforms
iJobs Money & Business
£20000 - £25000 per annum: Recruitment Genius: We are a vibrant and establishe...
£15000 - £20000 per annum: Recruitment Genius: An experienced Repayments Advis...
£25000 - £30000 per annum: Recruitment Genius: This leading provider of financ...
£20000 - £25000 per annum + competitive: SThree: Are you looking to take your ...