21st Century Fox profits up

RUPERT Murdoch's 21st Century Fox, formerly News Corp, has reported annual revenues of $31.10 billion.

RUPERT Murdoch's 21st Century Fox, formerly known as News Corp, has reported a boost in profit, but warns the cost of launching its US TV sports networks and currency effects will impact the year ahead.

"Overall, our businesses are well-positioned for continued growth," John Nallen, 21st Century Fox's chief financial officer, told analysts and reporters in Tuesday's teleconference call after the release of the 2012/13 results.

In the three months to June 30, the company's profit from continuing operations rose to $US977 million ($1.10 billion), from $US596 million the previous corresponding quarter.

Its annual profit from continuing operations came in at $US6.82 billion ($7.66 billion), more than double the $US3.18 billion in the previous year.

21st Century Fox's result was built on annual revenues of $US27.68 billion, a $US2.62 billion or 10 per cent increase over the 2012 revenue.

In June, Mr Murdoch's global media empire News Corp split its broadcast and publishing operations into separate companies.

The profitable pay TV, broadcast TV and film operations became 21st Century Fox and the company's Australian, US and UK newspapers, book publishing arm and Australian pay TV business became New News Corp.

Mr Murdoch, who was not on the conference call, said that with the company split complete, 21st Century Fox "not only delivered strong earnings and revenue growth led by our channels businesses, we also positioned ourselves for future success with strategic investments in our global channels businesses".

Mr Nallen, looking forward, said 21st Century Fox's overall growth in fiscal 2014 would be driven by the company's cable TV segment, but its filmed entertainment business would "be down a touch" on the past year.

"In 2014, our growth will be impacted by several strategic initiatives, most notably the launch of sport networks here in the US and Asia as well as the launch of (cable TV network) FXX," Mr Nallen said.

"Additionally, we are expecting adverse currency effects to impact 2014 growth, principally from Latin American currencies and the Indian rupee."

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