SAN FRANCISCO: Rupert Murdoch's mass media and publishing company News Corp posted a third quarter net profit of US$23 million Thursday , boosted by its HarperCollins book division.
Revenue for the January-March quarter, the third of its offbeat year, rose 17 per cent to US$2.46 billion,"thanks to the consolidation of Foxtel and confirmed strength of publishing", mainly at HarperCollins, the company said in a statement.The New York-based group's net profit of US$23 million compared to an exceptional loss of more than US$1 billion last year for the same period, due to asset depreciation.
As shown by the company's earnings before interest, tax, depreciation and amortisation , profit increased dramatically to US$247 million from US$181 million the year before. The group also showed an increase in its subscriber base for the online edition of the Wall Street Journal, which had a record 1.8 million subscribers by the end of March, an increase of 19 per cent.
News Corp retained the publishing operations of Murdoch's media-entertainment empire after a 2013 split that created 21st Century Fox.Murdoch, 87, began a gradual withdrawal from both companies in 2013, and now shares the title of chairman with his eldest son Lachlan at both firms.
Source: News Formal (newsformal.com)
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