posted a jump in quarterly net profit, boosted by advertising at its cable network operations.
The media company posted net profit of $162 million for the first quarter ended Sept. 30, up from $73 million a year ago. Revenue rose to $3.81 billion from $3.4 billion a year ago.
News Corp., which owns 20th Century Fox film studios, various newspapers and other companies, reiterated forecasts for earnings growth in the "high teens to low twenties" over the year. It also increased targets for its
Fox Entertainment Group
affiliate to 35% to 40% earnings growth in 2002 and 2003.
Fox reported a $214 million quarterly net profit, compared with a year-ago loss. The company benefited from auto and political advertising. Following the report, analysts raised their 2003 estimates for Fox's earnings before interest, taxes, depreciation and amortization. Fox was up 7%, or $1.80, at $27.65 in early trading on the news.
Meanwhile, News Corp.'s cable network operating profit jumped more than threefold to $118 million, while the company's television unit posted a similar operating income rise to $188 million.