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Rupert Murdoch's 21st Century Fox sees sharp drop in quarterly profits

NEW YORK -- Rupert Murdoch's 21st Century Fox reported a drop in quarterly profits Thursday despite revenues rising strongly at the film and television conglomerate.

In the second fiscal quarter to Dec. 31, net profit fell by half to US$1.2 billion compared to a year earlier, when one-time gains boosted earnings.

Revenues were up 15 percent at US$8.2 billion. Shares rose 1.35 percent to close at US$31.57.

Murdoch, the Australian-born tycoon who last year split off the company's fast-growing entertainment assets from its publishing interests, welcomed “top-line revenue growth across our businesses.”

But he also said the results “reflect the planned investments we are making in our core businesses to support long-term growth.”

“We remain confident that these investments, together with our demonstrated ability to consistently grow our revenues, will drive 21st Century Fox's future profits,” the 82-year-old said.

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