News Corp profit doubles, boosted by movies Rupert Murdoch's News Corporation has doubled its quarterly net profit, boosted by breakneck home sales of movies including Phone Booth and Daredevil.
Net profit soared to $644 million in the three months to September 30 from the year-earlier profit of $295 millions, the Adelaide-based group said.
The earnings were equivalent to 11.1 Australian cents a share, compared to 5.5 cents last year.
Sales rose 2.2 per cent to $7.08 billion in the three months, which form the first quarter of News Corp's business year.
"The unparalleled growth we delivered during the first quarter -- our seventh consecutive quarter of double-digit earnings increases -- is a clear demonstration of the strength we are enjoying across our balanced collection of businesses," Mr Murdoch said in a statement.
"Overall, the first quarter has given us a great start to the fiscal year and we are well on our way to meeting our growth forecast for fiscal 2004."
Mr Murdoch has forecast operating income growth in the "high single digits to low double digits" for the 12 months to June 2004.
The group said it had raked in bumper profits in the first quarter despite taking a $178 million operating loss from the 80 per cent owned Sky Italia.
The company said the filmed entertainment division drove the result, with operating profits surging to $499 million from $181 million a year earlier.
Both Daredevil and Phone Booth captured strong home sales.
The success was undercut by launch costs for League of Extraordinary Gentlemen which had so far grossed $170 million worldwide.
In television, operating income slumped 20.4 per cent to $273 million as ratings dropped at Fox Broadcasting, which had been pumped up a year ago by the wildly popular American Idol talent contest series.
Cable network programming operating profit dipped 5.1 per cent to $203 million as Fox News drove up advertising sales, more than compensating for the costs of covering the Iraq war and California recall.
Newspaper operating income surged 50.5 per cent to $155 million as circulation expanded in Britain, particularly the cut-price tabloid The Sun, News Corp said.
The Australian newspaper group reported a 6 per cent increase in operating income, driven by an 8 per cent jump in advertising revenue and a slight increase in circulation.
Publishing group HarperCollins' operating income eased to $90 million from $106 million a year before.
