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Rupert Murdoch's News Corp reports turnaround to full-year profit

By Mensholong Lepcha

01:27, 6 August 2021

News Corp office in New York
News Corp office in New York – Photo: Shutterstock

Media and publishing company News Corp on Thursday reported its best yearly profit ever, helped by an increase in revenue from digital real estate services and book publishing.

The company reported a turnaround to full-year net income of $330m from a net loss of $1.27bn reported a year ago. The media firm said the full-year ended June 2021 was its most profitable year to date.

The Wall Street Journal owner declared a semi-annual dividend of $0.1 per share payable on 13 October, 2021.

Revenues up on housing boom

News Corp said its digital real estate services segment, which comprises of property listing site realtor.com and real estate advertising company REA Group, reported an over 30% jump in full year revenue as housing market in US and Australia boomed on low inventories, pandemic-induced stay-at-home measures and ultra-low interest rate environments.

Foxtel’s television subscription services in Australia reported a 40% rise in total closing-paid subscribers in the full year compared to a year ago, company said.

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News Corp said its book publishing segment, which includes publisher HarperCollins, reported a 19% growth in full year revenue.

CapEx expected to rise

The Rupert Murdoch-led media firm said it expects capital expenditures for full year 2022 to rise by about $100m from a year ago, due to higher technology costs and roll out of IP-enabled set-top-boxes at Foxtel.

In July 2021, News Corp announced the acquisitions of oil and gas news and analytics firm Oil Price Information Service and research company IHS Markit for $1.15bn.

The company said deals are expected to close in the second quarter of full year 2022.

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Read more: Australian realty advertiser REA Group’s annual profit rises 18%

 

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