9 Feb 2012

News Corp quarterly profit up

1:35 pm on 9 February 2012

News Corporation has announced a jump in quarterly profit. The company says net profit totalled $A979 million in the three months to December, up 65% compared with the same period a year earlier.

Its publishing business was hit by falling advertising revenues at its Australian newspapers and the closure of the News of the World newspaper in Britain in the wake of a phone hacking scandal.

But the ABC reports this was offset by a large jump in revenue from its film and cable television segments.

The phone hacking scandal has so far cost the company $US87 million, due to the costs of the investigation and payments.

Chief operating officer Chase Carey said the slide in revenues in the news and publishing business was likely to continue.