Media giant News Corporation Ltd
(ASX:NWS) has reported an 11 per cent rise in first quarter net profit today.
Net profit for the three months to September 30 came to US$571 million compared to US$515 million recorded for the same period a year ago.
The company reported earnings before interest and tax of US$1.04 billion a 9 per cent increase compared with US$953 million reported a year ago.
Chairman and CEO Rupert Murdoch says the company delivered exceptionally strong results despite continued macro-economic challenges.
Mr Murdoch says the strategic steps that the company took last year to ensure stability during the downturn have proven successful, with significant cost reductions offsetting much of the revenue declines in its Television and Newspapers and Information Services segments.
Mr Murdoch says the economies in which News Corp does business are clearly in better shape than they were a year ago, and the company has further positioned its operations to take advantage of the improvements it is seeing globally.
News Corp posted a US$3.378 billion loss in 2009.
