Star TV, the Asian outpost of Rupert Murdoch’s media empire, broke into the black for the first time in the first quarter of 2002.
The announcement was made by the media mogul’s son James Murdoch, chief executive at the broadcaster, who on Tuesday told a media conference that Star had made a $2.4 million (€2.7m; £1.7m) profit in the first three months of 2002 (the company’s fiscal Q3), with $7.2m cash flow and $120m revenue.
At its 39 core channels (omitting cable-TV development costs in India and Taiwan), the group enjoyed $7.3m profits for the three months and $11.3m cash flow.
In the same quarter in 2001, Star – an assortment of satellite, cable and broadcast TV stations – posted an overall loss of $10.7m, while the year before that it fell $17.8m into the red.
Despite turning its first profit, Star still has some way to go before it repays the estimated $1.8 billion to $2bn NewsCorp has invested since it acquired its initial stake in 1993.
Data sourced from: The Wall Street Journal Online; additional content by WARC staff