Global media group News Corporation (ASX: NWS) revealed on Thursday that it has regained profitability in financial year 2009/10 with its net profit of $US2.54 billion or $A2.77 billion after bleeding huge losses on the year before as the company attributed growths on its business segments, stronger advertising markets and strings of blockbuster films for the impressive recovery.

The company said that the new results were a clear departure from the net loss of $US3.4 billion or $A2.77 billion suffered in 2008/09 apart from pre-tax impairment and other charges that amounted to $US9.2 billion.

News Corp added that besides the success that the company saw at the cinema, double digit turnovers were also seen from other business segments though it admitted that lower contributions also came from the company's direct broadcast satellite division, with other segments of operation delivering results below from expectations.

Despite the success this year, company chairman and chief executive Rupert Murdoch said that News Corp is still adopting a cautious outlook on its business approach, even amidst the surprising advertising revenues the company had garnered, as he expressed concerns on some developed nations' economies.

Mr Murdoch said that the western economies remain fragile and even if his company would elect to be optimistic for the next six months, "there's sufficient fragility for us not to be overconfident about the long term, or the medium term."

He expressed confidence though that "as we turn to fiscal 2011 and beyond, our businesses and our people would continue to deliver superior results."

News Corp's operating income or earnings before interest and tax (EBIT) should reach a low double digit range in 2010/11, coming from an adjusted $US4.46 billion, according to chief financial officer David Devoe.

Mr Devoe said that the company's operating income grew by 30 percent in 2009/10 and further year-over-year earnings growths can be expected from other business units such as the cable television and newspaper divisions.

He noted though that this year's projected earnings at News Corp's film division would plunge by about $US300 million, coming from the whopping $US1.3 billon booked in 2009/10, which is due mainly to the record success of Avatar.

The company's Australian newspaper operations also saw a slide in operating income in 2009/10, which Mr Devoe said was due to a slow down of advertising profits that shed three percent of earnings but he also revealed that the division's operating income in the last quarter was higher by local currency terms as ad revenues spiked by 10 percent, which was eventually written off by lower circulation revenues and higher printing costs.

As of 1045 AEST on Thursday, News Corp shares were trading at $17.32, gaining by 57 cents or 3.4 percent, which is the highest mark so far reached by the company since the latter part of June this year.