Finance Finance News News Corp profit down 53%

News Corp profit down 53%

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News Corporation’s full year profit has been more than halved as revenue from its Australian newspapers continues to slide.

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The company made a net profit of $US237 million ($A256.42 million) for the year to June 30, down 53 per cent from $US506 million in 2012/13.

However, the 2012/13 result was boosted by a one-off gain from the sale of its stake in New Zealand’s SKY Network Television.

Earnings from the company’s news and information division fell 16 per cent 2013/14 to $US130 million, mostly due to weakness in its Australian newspapers, which suffered an 18 per cent slide in revenue, of which 10 per cent was related to the foreign currency impact.