News Corp Net Profit Drops 24%

News Corp. said its profit in its fiscal third quarter tumbles 24% as declines in the media company’s movie and newspapers businesses.

The company reported a net profit of $US639 million ($A585.22 million) for the three months to March 31, down 24% from $US839 million ($A768.39 million) in the same quarter a year earlier..

Filmed-entertainment sales dropped 36 percent to $1.55 billion as the quarter’s movies didn’t measure up to “Avatar” a year ago, the biggest box-office movie of all time. Earnings at the filmed-entertainment unit fell by half to $248 million.

Total sales in the third quarter ended March 31 decreased 5.9 percent to $8.26 billion, compared with analysts’ $8.41 billion estimate.

While the company is expecting strong earnings growth in our fiscal fourth quarter.


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