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/FIRST AND FINAL ADD -- NY012 -- NEWS CORPORATION EARNINGS/

 THE NEWS CORPORATION LIMITED
 Unaudited Consolidated Results
 (A$000)
 Periods ended Three Months Six Months
 Dec. 31 1992 1991 1992 1991
 Revenues (A) 2,732,839 2,609,946 5,326,183 5,272,427
 Operating income (A) 434,857 426,667 867,369 846,908
 Other income (expense):
 Dividends 3,812 4,555 8,007 10,971
 Associated companies
 profit/(loss) 56,995 (23,045) 93,115 (62,653)
 Interest exp. (net) (B) (181,177) (241,746) (387,422) (497,256)
 Operating profit before
 income tax expense and
 abnormal items 314,487 166,431 581,069 297,970
 Income tax expense 22,674 4,465 53,467 12,502
 Operating profit before
 outside equity interests
 and abnormal items 291,813 161,966 527,602 285,468
 Outside equity interests
 in operating profit 17,803 17,266 37,511 33,315
 Operating profit before
 abnormal items 274,010 144,700 490,091 252,153
 Abnormal items (net):
 Parent entity and
 controlled entities -- 133,170 -- 116,737
 Associated companies (14,899) (29,065) (37,252) (13,622)
 Total (C) (14,899) 104,105 (37,252) 103,115
 Total 259,111 248,805 452,839 355,268
 Earnings per share:
 Operating profit before
 abnormal items $ 0.64 $0.44 $ 1.18 $0.79
 Abnormal items (0.04) 0.31 (0.09) 0.31
 Operating profit and
 abnormal items $ 0.60 $0.75 $ 1.09 $1.10
 NOTES
 Periods ended Three Months Six Months
 Dec. 31 1992 1991 1992 1991
 (A$000)
 (A) -- SEGMENT DATA
 By Geographic Area
 Revenues:
 United States 1,841,385 1,523,467 3,526,042 3,230,267
 United Kingdom 501,882 519,867 1,047,908 966,059
 Australia and
 Pacific Basin 389,572 566,612 752,233 1,076,101
 Total 2,732,839 2,609,946 5,326,183 5,272,427
 Operating income:
 United States 246,439 202,553 492,682 471,758
 United Kingdom 97,540 112,554 207,171 173,889
 Australia and
 Pacific Basin 90,878 111,560 167,516 201,261
 Total 434,857 426,667 867,369 846,908
 By Industry
 Revenues:
 Newspapers 790,515 770,919 1,589,974 1,465,436
 Magazines and inserts 408,962 408,281 787,717 810,187
 Television 388,157 311,365 758,108 617,091
 Filmed entertainment 729,401 562,801 1,269,397 1,185,568
 Book publishing 356,866 357,507 806,374 822,591
 Other 58,938 199,073 114,613 371,554
 Total 2,732,839 2,609,946 5,326,183 5,272,427
 Operating income:
 Newspapers 184,812 163,922 349,088 286,825
 Magazines and inserts 112,181 90,592 208,249 170,737
 Television 88,299 72,038 161,209 124,383
 Filmed entertainment 17,492 19,193 33,306 67,696
 Book publishing 31,545 54,973 113,569 156,665
 Other 528 25,949 1,948 40,602
 Total 434,857 426,667 867,369 846,908
 (B) -- NET INTEREST EXPENSE
 Interest paid 190,928 253,606 407,104 523,891
 Interest received (9,751) (11,860) (19,682) (26,635)
 Net interest expense 181,177 241,746 387,422 497,256
 Net interest capitalized 21,602 11,282 11,671 31,077
 (C) -- ABNORMAL ITEMS
 Abnormal items before tax:
 Parent entity and
 controlled entities -- 176,807 -- 160,335
 Associated companies (19,872) (41,851) (50,435) (18,256)
 Total (19,872) 134,956 (50,435) 142,079
 Interest tax expense/
 (benefit):
 Parent entity and
 controlled entities -- 46,637 -- 43,598
 Associated companies (4,973) (12,786) (13,183) (4,634)
 Total (4,973) 30,851 (13,183) 38,964
 Abnormal items after tax (14,899) 104,105 (37,252) 103,115
 (D) -- OTHER PROFIT AND LOSS INFORMATION
 Depreciation and
 amortization 57,481 57,131 115,046 115,218
 (E) -- DIVIDENDS AND BONUS ISSUE
 A bonus issue has been declared of three ordinary shares of 50 cents each, fully paid for every one ordinary share held. Completed share transfers received by the company up to 5:00 p.m. on March 5, 1993, will be registered before entitlements to the bonus issue are determined.
 An interim fully franked dividend of $0.015 per share has been declared payable on April 30, 1993. Completed share transfers received by the company up to 5:00 p.m. on April 16, 1993, will be registered before entitlements to the dividend are determined.
 Interim fully franked dividend per share -- payable April 30, 1993 -- $0.015 per share (after bonus issue).
 Interim unfranked dividend per share -- paid April 30, 1992 -- $0.0125 per share (after adjusting for bonus issue).
 (F) -- ISSUED SECURITIES AS AT DEC. 31, 1992
 All shares issued during the six months to Dec. 31, 1992, were fully paid up, at a par value of 50 cents per share.
 Ordinary Shares Number Issued
 Balance as at July 1, 1992 384,193,003
 Options exercised 637,200
 Issue 40,000,000
 Dividend Reinvestment and Bonus Share plan 601,123
 Shares issued in respect of preference
 share dividend entitlements 426,780
 Balance as at Dec. 31, 1992 425,858,106
 THE NEWS CORPORATION LIMITED
 (A$000)
 12/31/92 6/30/92
 Current assets:
 Cash 344,580 411,393
 Receivables 1,933,840 1,772,691
 Inventories 947,525 784,807
 Other 170,597 132,522
 Total current assets 3,396,542 3,101,413
 Non-current assets:
 Receivables 400,497 480,664
 Investments 3,431,163 3,537,338
 Inventories 1,774,779 1,714,673
 Property, plant and equipment 3,594,640 3,633,745
 Publishing rights, titles
 and television licenses 13,204,959 12,913,325
 Goodwill and other 942,410 839,429
 Total non-current assets 23,348,448 23,119,174
 Total assets 26,744,990 26,220,587
 Current liabilities:
 Borrowings 189,597 353,115
 Creditors 2,631,998 2,771,498
 Provisions 234,650 289,065
 Total current liabilities 3,056,245 3,413,678
 Non-current liabilities:
 Borrowings 9,824,465 9,881,856
 Creditors 1,017,888 1,044,677
 Provisions 192,794 181,232
 Total non-current liabilities 11,035,147 11,107,765
 Total liabilities 14,091,392 14,521,443
 Net assets 12,653,598 11,699,144
 Shareholders' equity:
 Share capital 239,443 218,611
 Reserves and retained earnings 11,583,673 10,671,934
 Shareholders' equity attributable
 to members of the parent entity 11,823,116 10,890,545
 Outside equity interests in
 controlled entities 830,482 808,599
 Total shareholders' equity 12,653,598 11,699,144
 THE NEWS CORPORATION LIMITED
 (A$000)
 Six months ended Dec. 31 1992 1991
 Operating activity:
 Operating profit after tax 452,839 355,268
 Adjustment for non cash and
 non operating activities
 Equity (profit)/losses net
 of dividends received (4,134) 79,142
 Depreciation and amortization 115,046 115,218
 Provisions and other 35,176 (5,743)
 Net gain on sale of non-current assets -- (192,806)
 Outside equity interest in
 controlled entities 23,953 22,438
 Change in related balance sheet
 accounts:
 Receivables (61,116) (298,635)
 Inventories (29,269) 107,758
 Payables (117,620) (70,368)
 Cash provided by operating activity 414,875 112,272
 Investing and other activity:
 Property, plant and equipment (258,389) (174,451)
 Investments (95,811) (93,039)
 Proceeds from sale of
 business entities -- 26,278
 Proceeds from sale of
 other non-current assets 1,414 154,320
 Other -- 1,312
 Cash used in investing activity (352,786) (85,580)
 Financing activity:
 Issuance of debt 1,283,598 565,851
 Repayment of debt (2,197,084) (927,301)
 issuance of ordinary shares 934,220 465,040
 Issuance of convertible
 preferred stock -- 232,021
 Preference capital redeemed (175) (23,711)
 Dividends paid (33,597) (14,379)
 Leasing and other finance costs (130,789) (85,819)
 Cash (used)/provided by
 financing activity (143,827) 211,702
 Net increase in cash (81,738) 238,394
 Opening cash balance 411,393 201,862
 Exchange movement on
 opening cash balance 14,925 3,102
 Closing cash balance 344,580 443,358
 THE NEWS CORPORATION LIMITED
 Earnings Summary
 Three months ended Dec. 31
 (Australian dollars in 000)
 1992 Per Share 1991 Per Share
 Revenues 2,732,839 2,609,946
 Operating profit 434,857 426,667
 Inc. before abnormal items 274,010 $ 0.64 144,700 $0.44
 Abnormal items (14,899) $(0.04) 104,105 $0.31
 Net inc. and abnormal items 259,111 $ 0.60 248,805 $0.75
 Three months ended Dec. 31
 (U.S. dollars in 000)
 1992 Per ADR 1991 Per ADR
 Revenues 1,901,435 2,041,067
 Operating profit 302,223 333,642
 Inc. before abnormal items 191,400 $ 0.91 113,092 $0.67
 Abnormal items (10,225) $(0.06) 81,232 $0.48
 Net inc. and abnormal items 162,175 $ 0.85 194,324 $1.15
 Six months ended Dec. 31
 (Australian dollars in 000)
 1992 Per Share 1991 Per Share
 Revenues 5,326,183 5,272,427
 Operating profit 867,369 846,908
 Inc. before abnormal items 490,091 $ 1.18 252,153 $0.79
 Abnormal items (37,252) $(0.09) 103,115 $0.31
 Net inc. and abnormal items 452,839 $ 1.09 355,268 $1.10
 Six months ended Dec. 31
 (U.S. dollars in 000)
 1992 Per ADR 1991 Per ADR
 Revenues 3,792,242 4,114,075
 Operating profit 617,567 660,842
 Inc. before abnormal items 348,945 $ 1.68 196,755 $1.23
 Abnormal items (26,523) $(0.13) 80,461 $0.48
 Net inc. and abnormal items 322,422 $ 1.55 277,216 $1.72
 The earnings summary in U.S. dollars includes revenues and income of U.S. operations in actual U.S. dollars. Revenues and income of Australian and U.K. operations have been converted at the average exchange rates for each period. The U.S. operations in 1992 accounted for 66 percent and 57 percent of consolidated revenues and operating profit, respectively. Revenues and operating profit of the United Kingdom represent 20 percent and 24 percent, respectively, and the Australian and Pacific Basin operations represent 14 percent and 19 percent, respectively.
 -0- 2/9/93 AA NY012
 /END FIRST AND FINAL ADD/
 /PRNewswire -- Feb. 9/
 (NWS)


CO: The News Corporation Limited ST: IN: PUB SU: ERN

GK-TS -- NY012A -- 4650 02/09/93 12:04 EST
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