News Corp (ASX:NWS) has delivered a significant turnaround, announcing a first-quarter profit in fiscal 2014.
The newspaper publisher posted a net profit of $US38 million for the period.
The result is an improvement on an $US83 million loss for the same period last year.
News Corp says the improvement for the September quarter was mainly due to contributions from the Fox Sports Australia TV network consolidation, and lower costs in its newspaper division.
However, revenue for the quarter was $US2.07 billion, 3 per cent lower than the previous corresponding period.
Australian newspaper revenues declined 22 per cent and accounted for the majority of the revenue decline compared to the previous year.
NWS Price at posting:
$18.39 Sentiment: None Disclosure: Held
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