Murdoch profit up 39.6%

Press, 25 February 1987, Page 35

Murdoch profit up 39.6%

NZPA-AAP Sydney Rupert Murdoch’s News Corporation, Ltd, has reported a 39.6 per c<jnt lift in net operating prbfit to sAustlB2.B4 million (5NZ221.23M) for the six months to December 31, largely due to the strong performance of its overseas operations. While results from Australian operations were stagnant News Corp reported a dramatic lift in revenue from its United States operations and an increase in profit margins in the United Kingdom. Group turnover increased 55.5 per cent to sAust26 2 5 . 8 4 M (JNZ3177.26M) from 51688.68 M ($NZ2043.30M), most of this coming from the United States where turnover increased to $1529.65M (SNZIBSO.B7M) from $653.41M (5NZ790.62M). This was mainly due to the inclusion of Twentieth Century Fox Film Corporation and Fox Television subsidiaries in results, which were not included in the previous figures. Income tax for the half increased 67.3 per cent to $48.59M (SNZSB.79M) from $29.04M (SNZ3S.I3M). Directors announced that The Herald and Weekly Times, which News earlier announced it had acquired 96.6 per cent of, would be included as a subsidiary from March 1. The South China Morning Post would become a wholly-owned subsidiary from March 7, subject to satisfactory completion of a scheme of arrangement.