News Corporation is blaming a sluggish Australian economy and uncharacteristic softness in book publishing for a four per cent dip in second quarter earnings.
The publishing giant said it had $US355 million ($A527m) in earnings before interest, tax, depreciation and amoritisation in the three months to December 31, down from $370 million ($A550 million) in the same period in 2018.
Profit for the period $US103 million ($A153.1 million), down from $US119 million in the prior year.
The Rupert Murdoch-controlled company’s overall revenue dropped six per cent to $US2.48 billion for the quarter, with revenue from its Australian news mastheads including the Australian, Daily Telegraph and Herald Sun down 9.0 per cent compared to the same quarter a year ago.
News Corp’s ASX-listed shares were nonetheless up 0.5 per cent to $21.26 at 1035 AEDT.
AAP
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