Rupert Murdoch's media group News Corp's net profit fell 7.8% in the most recent quarter, as restructuring costs offset gains from its films like 'Alien v Predator' and from cable television.
The company said the profit amounted to 13 cents a share in its third quarter to March 31.
The overall profit was pulled down by expenses related to the restructuring of its investment in Fox Sports Net in February and other once-off costs.
Excluding that, News Corp posted a 9% increase in its third-quarter operating profit to $889m. Revenues increased 17% over the same period a year earlier to $6 billion.
Murdoch said lower profits at its television business reflected higher programming costs and a soft advertising market in the US. News Corp recently moved its headquarters to the US from Australia.
Profits in the filmed entertainment segment rose 15% to $251m, but the television arm saw profits down $39m to $221m. Cable operations saw a 55% rise in profits to $172m, helped by advertising growth and a drop in programming costs due to the cancellation of the US National Hockey League season.
The newspaper division saw a 6% increase in profits to $186m on advertising revenue growth in Australia and
the inclusion of results from the Queensland Press Group. The book unit, HarperCollins reported profits of $30m during the quarter from $36m in the same period a year ago.
