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Wednesday, 12 February, 2003, 23:02 GMT
News Corp warms to Ice Age takings
Rupert Murdoch
Rupert Murdoch: Noted "strong momentum" in most New Corp divisions
A scorching performance by the animated film Ice Age helped Rupert Murdoch's News Corp post "robust" profits growth.

The firm, which owns the 20th Century Fox film studios and newspapers including the London-based Sun and Times, reported a net profit for the October to December period of $239m, compared with a $606m loss a year before.

The improved performance came as the firm's film operations saw income more than double to $255m, with Ice Age and the latest Star Wars film proving particularly successful.

Syndication of the X-Files series boosted takings at 20th Century Fox Television, while publisher HarperCollins was helped by bestsellers including Michael Crichton's Prey.

Growth of operating profits by 48% was a reflection of "strong operating leverage and momentum we have in most of our businesses", Mr Murdoch, chairman and chief executive, said.

Circulation war

However, he admitted the firm was "disappointed" by the performance of its Fox network.

Operating losses at Fox Broadcasting increased thanks to higher programming costs.

And while advertising revenue rose throughout the group, a cut in the cover price of the Sun amid a tabloid circulation war saw the overall income of News Corp newspapers fall.

Overall, the figures were welcomed by Scott Maddocks, analyst at Sydney-based Scott Maddocks, as a "pretty good operational result".

See also:

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