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Twenty-First Century Fox, Inc (FOX) has reported 27.38 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $856 million, or $0.46 a share in the quarter, compared with $672 million, or $0.34 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $976 million, or $0.53 a share compared with $855 million or $0.44 a share, a year ago. Revenue during the quarter grew 4.16 percent to $7,682 million from $7,375 million in the previous year period. Total expenses were 74.25 percent of quarterly revenues, down from 76.75 percent for the same period last year. This has led to an improvement of 249 basis points in operating margin to 25.75 percent.
Commenting on the results, Executive Chairmen Rupert and Lachlan Murdoch said: “We delivered a second consecutive quarter of double-digit earnings growth, driven by solid increases in affiliate and advertising revenues across cable and television. Our record-breaking post-season baseball run underscores the immense value of our sports programming, as well as the broader competitive advantage we have built through our other leadership positions in entertainment and news. We also continue to excel creatively, with our television studio producing the number one series on six networks, FX Networks leading all networks in Golden Globe wins and our film studio recognized with 7 Academy Award nominations. Additionally, during the quarter we announced an offer to purchase the approximate 61% interest in Sky we do not already own. We expect the transaction will generate significant adjusted earnings per share and free cash flow accretion and it provides clarity on our near-term capital allocation priorities.”
Operating cash flow drops significantly
Twenty-First Century Fox, Inc has generated cash of $1,223 million from operating activities during the first half, down 66.46 percent or $2,423 million, when compared with the last year period. Cash flow from investing activities was almost stable for the quarter at $250 million, when compared with the previous year period.
Cash flow from financing activities was almost stable for the quarter at $811 million, when compared with the previous year period.
Cash and cash equivalents stood at stood at $4,530 million as at Dec. 31, 2016.
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