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THE NEWS CORPORATION LIMITED HIGHLIGHTS FROM ATTACHED REPORT TO AUSTRALIAN STOCK EXCHANGES FOR THE NINE MONTHS ENDED MARCH 31, 1993

 SYDNEY, Australia, May 11 /PRNewswire/ -- The following was released today by The News Corporation Limited (NYSE: NWS):
 -- Sales revenue increased by 3 percent from A$7.7 billion to A$8.0 billion.
 -- Net operating profit before abnormal items increased by 100 percent from A$333.8 million to A$668.5 million.
 -- Associated Companies reported profits compared to losses a year ago:
 - BSkyB weekly profits up by over 70 percent since December 1992.
 - Ansett Transport Industries continues to operate profitably.
 -- Since January the company has issued US$2.8 billion in long term public debt.
 Commentary Group Result
 News Corporation today reported after tax profits before abnormal items for the nine months ended March 31, 1993 of A$668.5 million (A$0.39 per share), an increase of 100 percent compared to the same period a year ago. (A$333.8 million or A$0.25 per share, after adjusting for bonus issue). Revenues increased slightly, up 3 percent, to A$8.0 billion compared to A$7.7 billion a year ago.
 The continued increase in operating profits resulted primarily from improved results from News Corporation's newspaper, magazine & free- standing insert and television operations. Gains in these businesses were partially offset by lower earnings in filmed entertainment and book publishing.
 Profits from equity accounted investments contributed A$122.0 million to operating profit compared to a loss of A$76.8 million a year ago. Improvements in associated company profits were led by the dramatic improvement at BSkyB and Ansett Airline's return to operating profitability.
 As a result of the company's continued reduction in net debt levels and further declines in worldwide interest rates, interest expense decreased 22 percent to A$567.8 million vs. A$728.2 for the previous nine month period.
 Since January, the company continued to strengthen its financial condition by issuing US$2.8 billion in senior long term debt with maturities ranging from 7 to 30 years. The proceeds from these offerings were used primarily to repay short term bank debt. In April, News Corporation received commitments to permit the successful syndication of a US$3.0 billion six-year, multi-currency, revolving bank credit facility. This new facility is expected to close by the end of this month.
 Also during the third quarter, News Corporation agreed to purchase, pending FCC approval, the FOX Broadcasting affiliate in Atlanta, WATL.
 United States
 Profits from the company's two television businesses, Fox Broadcasting Corporation and Fox Television Stations, increased almost 20 percent compared to a year ago primarily as a result of increased advertising revenue and operating margins. In January, the Fox network added a sixth night of prime-time programming on Tuesdays, with plans to go to a full seven nights in late June with the addition of "Fox Night at the Movies" on Mondays. Fox Broadcasting finished the regular television season with a household rating of 7.7, down slightly from the 1992 financial year's rating of 8.0 This is a significant achievement given the addition of two nights of programming.
 Profits at Twentieth Century Fox Film were off significantly. The strong performance of the box office hit "Home Alone 2: Lost in New York," was more than offset by the poor performance of the winter release schedule.
 The company's magazines & insert operations posted strong gains in operating profits, up 17 percent. Both TV Guide and Free-Stranding Inserts (FSI) reported profit gains. At TV Guide, increases in advertising and circulation revenue contributed to significant growth in operating profit, up 27 percent compared to a year ago. Cost savings from lower printing costs at FSI led to higher profits despite lower selling prices.
 Results at HarperCollins were down for the nine months but showed marginal improvement in the quarter just ended.
 United Kingdom
 In the United Kingdom, the newspaper group reported profits ahead of last year on flat revenues. With circulation and advertising revenues relatively weak as a result of the country's continuing recession, the gain in profit resulted primarily from continuing efficiencies obtained as a result of the press projects completed last year.
 Australia and Pacific Basin
 Revenues for all the company's major Australian newspaper divisions, metropolitan, regional and suburban, showed improvement compared to last year. This event is significant given the slow recovery in the Australian economy. As a result of the company's continued efforts to improve operating margins, profits for metropolitan and regional news papers were up 16 and 19 respectively over the same period a year ago, while suburban newspapers remained flat.
 As a result of increases in advertising and circulation revenues, combined with improvements in operating margins, "The South China Morning Post," the largest English language newspaper in Hong Kong, posted a 14 percent gain in operating profits.
 Equity Investments
 BSkyB, the 50 percent owned U.K. satellite broadcasting company, demonstrating its continued growth reported a profit compared to a loss a year ago. Weekly revenues exceeded 7.0 million pounds with weekly operating profits over 1.7 million pounds at quarter end, a dramatic comparison to last year at this time when BSkyB first achieved operational break-even. As at the end of March, the number of homes capable of receiving BSkyB channels totalled 3.7 million. Pay movie and sports subscribers totalled 1.9 million and 1.6 million, respectively, at quarter end.
 Ansett Transport Industries, benefiting from increased passenger numbers and improving yields, posted an operating profit for the nine months versus a loss for the same period a year ago.
 Profits from associated companies also reflect improved earnings from the 50 percent owned Independent Newspaper Limited and the inclusion of 9 months equity results of the company's 45 percent interest in Pacific Magazines & Printing Limited which continued to perform ahead of projections.
 -0- 5/11/93
 /CONTACT: Marcia Horowitz of Howard J. Rubenstein, Inc., 212-489- 6900, ext. 308, or evening 914-725-2002, for The News Corporation Limited/
 (NWS)


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

TM -- NY105 -- 7321 05/11/93 22:22 EDT
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