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News Corp (ASX:NWS) says it’s confident the separation of its businesses later this year will prove its worth and has posted a lift in third-quarter profit.
In the three months to March 31, News Corp posted net profit of $2.8 billion, a lift from the $921.5 million recorded in the previous corresponding period.
In the same period, revenue came in at $9.3 billion, an increase on the $8.2 billion recorded in the 2012 March quarter.
News Corporation chairman and CEO Rupert Murdoch says the group is on target to complete the proposed separation of its businesses near the end of the fiscal year.
Mr Murdoch says the results reflect the sale of its stake in Sky New Zealand as well as an $11 million gain from a BSkyB share repurchase program.
News Corp generated a net profit of $4.6 billion for the first half of the current financial year.
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