This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8186701.stm

The article has changed 11 times. There is an RSS feed of changes available.

Version 0 Version 1
Loss for News Corp in 'weak' year Loss for News Corp in 'weak' year
(10 minutes later)
News Corp lost $203m (£119.4m) in the three months to the end of June, after having to make writedowns in some of its businesses. News Corp lost $3.4bn (£2bn) in the year to the end of June - which Chief executive Rupert Murdoch said had been "the most difficult in recent history".
The loss compared with a $1.13bn profit in the same period a year earlier. The loss, due to $8.9bn in writedowns already announced, compared with a $5.4bn profit a year earlier.
Revenues at the firm, which owns BSkyB, 20th Century Fox, and the New York Post and Sun newspapers as well as the MySpace website, were down 10.7%. Revenues at the media giant, which owns BSkyB, 20th Century Fox, and the New York Post and Sun newspapers as well as the MySpace website, were down 7.8%.
Chief executive Rupert Murdoch said the year to the end of June had been "the most difficult in recent history". The firm has suffered from plunging advertising revenues.
"Our financial performance clearly reflects the weak economic environment that we confronted throughout the year," he added. "Our financial performance clearly reflects the weak economic environment that we confronted throughout the year," chief executive Rupert Murdoch said.
However he added the firm was "particularly well-placed for the coming recovery".
In the fourth quarter, News Corp lost $203m compared with a net profit of $1.1bn in the same period a year ago.