Comglom's earnings up 55% to $810 million
“Avatar” launched News Corp.’s profits skyward last quarter as the conglom posted a 55% jump in operating profit to $810 million.
Film entertainment alone saw income surge 76% to $497 million – setting a record for the highest operating income of any fiscal quarter for this segment, the company said Tuesday.
“Avatar’s total box office receipts top $2.7 billion.
News Corp.’s fiscal third quarter ended in March.
News Corp. said revenue rose 19% to $8.8 billion with growth across other major businesses as well, including cable programming and newspapers and information. A strong showing there more than offset a down quarter in satellite TV and other segments.
The company’s net income plunged to $839 million from $2.7 billion, skewed by a $1.2 billion gain the year earlier on the sale of a subsidiary, NDS Group, and a separate $1.2 billion non-cash tax benefit.