News Corp. reports $38M first quarter profit

News Corp. reported Monday a net profit of $38 million in the quarter ended Sept. 30, compared with a loss of $83 million a year earlier.

Revenue in the period fell 2.9 percent to $2.07 billion.

It was the first quarterly report from recently independent News Corp., which separated most of its non-newspaper businesses into a new company called 21st Century Fox in July.

Fox houses a Hollywood studio and cable and TV network operations.

"Our first quarter as the new News was the beginning of a journey in the digital development of the company," CEO Robert Thomson said in a statement.

News Corp., whose publishing properties include The Post and the Wall Street Journal, said the decline in revenue reflected a drop in demand for print advertising, primarily in Australian publications.

First-quarter earnings before interest, taxes, depreciation and amortization, or Ebitda, rose 58 percent to $141 million.

Ebitda at the News and Information Services unit was up 6 percent, to $133 million, the company said in a statement.

Digital Real Estate Services, the second-largest segment, saw its Ebitda rise 26 percent to $44 million.

News Corp. also houses Australian newspapers and the digital real-estate business among other assets such as Foxtel, a pay-TV venture.

News Corp. shares, up 10.3 percent since trading independently, fell 2.4 percent in after hours trading following the release of the quarterly results.

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