Twenty-First Century Fox, Inc. (FOX) has reported a 4.99 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $799 million, or $0.43 a share in the quarter, compared with $841 million, or $0.44 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $1,004 million, or $0.54 a share compared with $907 million or $0.47 a share, a year ago. Revenue during the quarter grew 4.65 percent to $7,564 million from $7,228 million in the previous year period. Total expenses were 76.92 percent of quarterly revenues, up from 76.27 percent for the same period last year. That has resulted in a contraction of 64 basis points in operating margin to 23.08 percent.
Operating income for the quarter was $1,746 million, compared with $1,715 million in the previous year period.
Executive Chairmen Rupert and Lachlan Murdoch said: "We delivered a quarter marked by operational momentum and strong domestic affiliate fee growth. We continue to demonstrate our ability to capture opportunities to grow distribution of our domestic portfolio of video brands, whether through established MVPD partners or new digital entrants such as Hulu’s recently launched live television service. We made progress in the quarter against our key strategic priorities, exemplified by our creative successes across screens, from theatrical releases Logan and Hidden Figures to new FX debuts of Legion, Feud and Taboo. Our proposed combination with Sky, which was recently approved unconditionally by the European Commission, will advance another of our strategic priorities, driving innovation for customers. We remain confident the proposed transaction will be approved by the end of the calendar year following a thorough review process."
Operating cash flow improves
Twenty-First Century Fox, Inc. has generated cash of $2,418 million from operating activities during the nine month period, up 20.18 percent or $406 million, when compared with the last year period. The company has spent $368 million cash to meet investing activities during the nine month period as against cash outgo of $1,380 million in the last year period.
The company has spent $871 million cash to carry out financing activities during the nine month period as against cash outgo of $4,006 million in the last year period.
Cash and cash equivalents stood at $5,572 million as on Mar. 31, 2017, up 11.60 percent or $579 million from $4,993 million on Mar. 31, 2016.
Working capital increases sharply
Twenty-First Century Fox, Inc. has recorded an increase in the working capital over the last year. It stood at $9,282 million as at Mar. 31, 2017, up 26.39 percent or $1,938 million from $7,344 million on Mar. 31, 2016. Current ratio was at 2.24 as on Mar. 31, 2017, up from 1.89 on Mar. 31, 2016.
Days sales outstanding were almost stable at 43 days for the quarter, when compared with the last year period.
Debt remains almost stable
Twenty-First Century Fox, Inc. has witnessed an increase in total debt over the last one year. It stood at $19,896 million as on Mar. 31, 2017, up 0.76 percent or $151 million from $19,745 million on Mar. 31, 2016. Total debt was 39.25 percent of total assets as on Mar. 31, 2017, compared with 40.09 percent on Mar. 31, 2016. Debt to equity ratio was at 1.22 as on Mar. 31, 2017, down from 1.27 as on Mar. 31, 2016. Interest coverage ratio deteriorated to 5.63 for the quarter from 5.81 for the same period last year.
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