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Last Updated: Wednesday, 10 August, 2005, 21:26 GMT 22:26 UK
Fox helps boost News Corp profits
Rupert Murdoch
Mr Murdoch's older son Lachlan has left the company
Rupert Murdoch's News Corporation has reported a 67% rise in quarterly profits, led by higher earnings at its Fox movie and TV networks.

For its fourth quarter News Corp made net profits of $717m (400m), compared with $429m a year earlier, beating market expectations.

Its turnover rose by 12% to $6.1bn, compared to $5.5bn a year previously.

The results came two weeks after Mr Murdoch's son Lachlan quit the firm. He had been regarded as a likely heir.

Instead, Lachlan Murdoch is stepping down from New York-based News Corp to return to his native Australia.

News Corp finished its financial year with a cash pile of more than $6bn.

It has plans both to buy back shares and make future investments.

"So while we generated record financial results this past year, I believe we have made the right strategic and operational moves to secure our momentum heading into fiscal 2006," Mr Murdoch senior said.

News Corp's results beat market expectations.


SEE ALSO:
Murdoch 'eyes' Russian investment
01 Aug 05 |  Business
Murdoch 'heir' to quit News Corp
29 Jul 05 |  Business
News Corp in $580m internet buy
19 Jul 05 |  Business
News Corp's quarterly profits dip
05 May 05 |  Business


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