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Real estate helps News Corp slash H1 loss

Stuart Condie  |  09 Feb 2018Text size  Decrease  Increase  |  
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SYDNEY - [AAP] News Corp (ASX: NWS) has cut its first-half loss to $US16 million ($A22 million), helped by a 32 per cent increase in earnings from its digital real estate businesses.

The Rupert Murdoch-controlled media firm on Friday said real estate earnings before interest, tax, depreciation and amortisation rose to $US214 million in the six months to December 31.

That helped slash its overall loss from $US305 million a year ago, although the improvement was largely due to the absence of the prior corresponding period's large writedowns against Foxtel and its stable of Australian newspapers including The Daily Telegraph and The Australian.

That was partially offset by a $US174 million charge related to US tax reforms.
Advertising revenue continued to decline--falling 3.2 per cent from a year earlier to $US1.37 billion--although revenue from circulation and subscription rose 5.9 per cent to $US1.288 billion.

News Corp chief executive Robert Thomson again flagged the impact that internet giants Facebook and Google have had on traditional media, and highlighted the potential hazards for advertisers.

"The bot-infested badlands are hardly a safe space for advertisers, whose brands are being tainted by association with the extreme, the violent and the repulsive," Mr Thomson said.

"It is certainly in the interests of our shareholders that there be a reorientation towards quality and integrity, and that readers and platforms are encouraged to pay for professional journalism."

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NEWS CORP IMPROVING FIRST-HALF NUMBERS

* $US16m loss v $US305m loss (available to News Corp stockholders)

* Group net income $21m

* Revenue up 4pc to $US4.238bn

* EBITDA up 27pc to $US578m

 

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© 2021 Australian Associated Press Pty Limited (AAP) or its Licensors. This is the Morningstar service with content provided by AAP where indicated. AAP reserves all rights, including copyright, in services provided by it. The information in the service is for personal use only, does not constitute financial product advice (whether general or personal) and may not be re-written, copied, re-sold or re-distributed, framed, linked or otherwise used whether for compensation of any kind or not, without the prior written permission of AAP. You should seek advice from a professional financial adviser before making decision to acquire or dispose of a financial product.

This service is published for general information purposes only without assuming a duty of care. AAP is not in the business of providing financial product advice (whether personal or general advice), and gives no warranty, guarantee or other representation about the accuracy of the information or images contained in this service. AAP is not liable for errors, omissions in, delays or interruptions to or cessation of the services through negligence or otherwise. The globe symbol and "AAP" are registered trademarks.

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