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Film flop pulls back News Corp profit

By Phil Boeyen, ShareChat Business News Editor

Thursday 17th August 2000

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Media giant News Corporation has made a profit of nearly A$2 billion for the year to the end of June but the result would have been even better if the movie "Titan A E" had not proved a fizzer.

The company's full year profit after tax and abnormal items was A$1.92 billion compared with A$1.08 billion last year, and boss Rupert Murdoch says he is pleased with the result.

"We enjoyed record revenues and operating income at our newspaper and television station businesses, a sharp
increase in earnings from our fast-growing cable channels, and continued profit momentum from our book publishing and insert businesses."

News Corp counts a majority stake in New Zealand newspaper group, INL, among its investments.

One of the low points for the company was its films business which reported an operating loss of US$53 million in the fourth quarter versus operating income of US$22 million in the same period last year.

The animated movie, Titan A E, is being blamed for drop, with losses from the film more than offsetting the profits from the strong performance of Big Momma's House, which has generated US domestic box office receipts exceeding US$114 million.

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