Liberty Media reports Q1 profit vs loss

Liberty Media Corp, the media conglomerate controlled by mogul John Malone, on Friday reported profit for the first quarter, thanks partly to a strong performance at its QVC television retailer. Net income was $389m, or $1.83 a share, compared with a loss of $136m, or $1.41 a share a year earlier, according to a regulatory filing. Liberty, which trades under three tracking stocks - Liberty Interactive, Liberty Starz and Liberty Capital-- said the holding company's revenue rose 11 per cent to $2.5bn.Liberty Interactive, which owns the QVC TV retail business, reported a net profit of $310m, or 51 cents a share, on a revenue increase of 11 per cent to $2bn. The results were primarily driven by improved performance at QVC, with new brand items like Kim Kardashian fragrances and Dyson vacuums. QVC's consolidated revenue rose 11 per cent to $1.8bn and adjusted OIBDA - operating income before depreciation and amortisation - increased 15 per cent to $366m. Liberty Starz, which holds the pay-TV and Hollywood studio unit, posted $57m or $1.10 a share, while revenue rose 12 per cent to $307m, helped by performance at Starz Entertainment, which produces TV shows like the cable series "Spartacus." Liberty Capital the investment arm of Liberty Media, reported profit of $22m, or 22 cents a share, while revenue increased 33 per cent to $166m.