News Corp posts 506-mln-dollar fiscal year profit

Publishing company News Corp has reported a profit of 506 million dollars for the fiscal year ended in June, or 87 cents a share, compared with a loss of 2.08 billion dollars a year earlier.

According to the New York Post, at the end of the fiscal year, News Corp. split into two publicly traded companies, 21st Century Fox, which houses the TV, cable and entertainment properties, and News Corp., which houses newspapers alongside book publisher HarperCollins, Australian pay-TV assets such as FoxTel and an educational arm.

Revenue rose to 9 billion dollars, based on the company's regulatory filing, the report said.

News Corp. CEO Robert Thomson has said he is planning to grow the print publications through digital initiatives.

The company also revealed it will pay a dividend at some point in the future, without specifying the date or the amount, the report added.

Shares fell 1.4 percent to 16.64 dollars at the close in New York and have gained 5.3 percent since the split from 21st Century Fox in June, the report further said.

The loss in the prior year resulted from a non-cash charge of 2.8 billion dollars in the fourth quarter of the 12 months ended June 2012, principally related to its Australian newspaper business, according to the report.