International BusinessNews Corp slips into red; posts $203 mn quarterly loss
Media conglomerate News Corp has posted a loss of $203 million for the fourth quarter ended June 30, primarily bogged down by impairment charges.
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The group, which owns well-known brands like Star TV and the Wall Street Journal among others, had a profit of $1.1 billion in the same quarter last year, it said in a statement yesterday.
During the latest quarter, the Rupert Murdoch-led company recorded impairment charges and other operating charges of $680 million, primarily related to Fox Interactive Media.
Star TV"s operating income dropped due to a decline in advertising revenue, mainly in India.
"Star"s fourth quarter and full year operating income decreased versus the same periods a year ago due to advertising revenue declines, primarily in India, and costs associated with regional channel launches in India.
"In addition, full year results were adversely affected by higher expenses related to the termination of a distribution agreement," the statement noted.
The firm incurred a full-year loss of $3.4 billion while it had a profit of $5.4 billion in fiscal 2008.
"...Our 2009 financial performance clearly reflects the weak economic environment that we confronted throughout the year," News Corp Chairman and Chief Executive Officer Murdoch said.