News Ltd losses rise 58% to $476.7m
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Losses at Rupert Murdoch's Australian newspaper group News Limited have blown out by more than 50 per cent.
The media group's net loss for the year to June 2012 rose $476.7 million, from a net loss of $300.4 million in 2010/11.
Operating income also dropped by more than a fifth to $493.6 million from $644.9 million.
"Advertising revenues declined during the fiscal year driven by negative consumer sentiment," the company said in its latest financial accounts released by the Australian Securities and Investments Commission on Tuesday.
Impairment charges also rose to $731.7 million from $713.1 million, mainly as a result of lower future forecast earnings for some of the group's newspaper titles and uncertainties about revenues from its digital operations.