News Corp Australia revenues flat amid ‘modest’ ad decline
Revenue from News Corp’s Australian newspapers remained flat in the three months ending September with a “modest” decline in advertising revenue offset by favourable foreign exchange rates.
The newspaper publisher reported a group-wide revenue increase of four per cent in the first quarter to US$2.15b (A$2.5b), with earnings climbing 21 per cent to US$170m (A$198m).
However newspaper revenues fell three per cent to $1.45b (A$1.69b) with News Corp’s Australia newspapers “relatively flat”.
“[It reflects] modest advertising revenue declines and favourable foreign currency fluctuations,” the company said.
Circulation and subscription revenues across the group dipped one per cent which were partly offset by “cover price increases in the UK and at several Australian newspapers”, a statement to the Australian Stock Exchange said.
News Corp chief executive Robert Thompson said there had been a “tangible improvement in our newspaper business in Australia” although no regional figures were disclosed.
News Corp’s first quarter results also showed a US$10m (A$12m) rise in Foxtel revenue to $728m (A$849m), largely a result of foreign currency fluctuations and subscriber growth.
Earnings at the pay TV network, which is 50 per cent owned by News Corp, climbed US$4m (A$4.56m) to per cent to US$225m (A$262m) while the number of subscribers as of September 30 was 2.6m, 5 per cent higher than the previous year.
Steve Jones
News Corp reporters must have different data to you. The story on The Australian is headed: “Newspaper revenues flow again for News Corp”.
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News Corp reports always have different facts than other media organisations.
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Newscorpse.
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