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News Corp doubles profit to $2.95 billion

Published on Feb 7, 2013 5:51 AM
Passers-by walk near the News Corporation building in New York in this file photo from June 28, 2012. News Corp reported higher quarterly revenue and profit on Feb 6, 2013 on strong growth at its cable networks. -- PHOTO: REUTERS

NEW YORK (AFP) - Rupert Murdoch's News Corp said on Wednesday its profit in the just-ended quarter more than doubled to US$2.38 billion (S$2.95 billion), helped by a reorganization that brings in results from global broadcasting units.

In releasing the earnings, Murdoch said the media-entertainment conglomerate was making "progress" toward the breakup of the group into two separate companies - one focused on publishing, the other on film and television.

Revenue for the fiscal second quarter to Dec 31 rose five percent from a year earlier to US$9.43 billion, led by 18 per cent growth in cable programming.

The profit adjusted for special items amounted to 44 cents a share, two cents better than Wall Street estimates. Mr Murdoch said the results show "our strong momentum" as the company "seized opportunities to invest in our core businesses for long-term and sustainable growth."

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