News Corp reveals multimillion dollar drop in newspaper revenues
News Corp’s Australian newspapers saw revenues plummet in the last financial year, numbers deep inside the company’s annual report have revealed.
The disclosure goes further than the figures released by the US-headquartered company in August, which did not break down Australian performance in as much detail.
The annual report was released yesterday and suggest that in the 12 months to June this year, News Corp’s Australian newspaper division saw revenues drop by US$238.72m (AUD$315m). However, the biggest factor in the fall was the weakening Australian dollar, which made the result look much worse when reported in US dollars, which is the format the annual report follows.
The disclosure contained on p.50 in the News Corp annual report
There is no Sun-Herald in Melbourne. That would be the Herald-Sun, the biggest-selling paper in the country.
Apologies Bill – not the first time we’ve made that mistake. Now fixed
Cheers,
Tim – Mumbrella
You’ve got the story totally wrong. Revenues declined by 16% of which 13% was due to foreign exchange A$ depreciation. So advertising and circulation only fell around 3%. After adjusting for FX, circulation revenue actually went up
Hi Rob,
Thanks for the comment. You are most right, we have amended the story to put more emphasis on the currency fluctuations.
Cheers,
Miranda – Mumbrella
Sounds like someone was trying to give news a kick but can’t read the financials. Any multinational reporting in USD is getting smashed by fx right now. Must. Remain. Impartial.