Falling dollar sees further decline in News Corp Australian newspaper revenues

New News Corp logoNews Corp has revealed further revenue declines in its Australian newspaper operations, although the company has blamed the falling Australian dollar for much of the loss, which is reported in US dollars.

Revenues for the Australian operation fell 8 per cent according to quarterly results released today. Globally its newspaper revenues fell by by $89 million, or 6 percent. the company’s local newspapers, which include The Australian and The Daily Telegraph, have recorded sharp declines in revenue for a number of years running.

While the company admitted to “modest advertising revenue declines” in Australia the bulk of the decline was attributed to the weakening Australian dollar which has fallen back significantly in the last six months agains the US dollar.

While overall revenue rose to $2.28 billion, a 1.9 per cent increase, from $2.24 billion in the previous year for the quarter ending December 31 overall profits fell by 5 per cent to $142 million, down from $150 million in the previous year.The company’s quarterly statement also said the newspaper revenue decline was due to weakness in the UK advertising market, negative currency fluctuations and less revenue from free standing insert products in the US market. Total segment advertising revenues declined by 9 per cent.

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