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To delve into News Corporation's full-year financial results -- filed late on Friday in New York -- is to enter a wacky world in which things are not quite as they seem. On one reading, News Corp says it earned a profit of $US506 million (around $A540 million) for the 12 months to June 30, but another reading reveals it lost almost $US800 million ($A850 million). Which would you believe if the company also told us that revenues in its biggest business -- the newspapers in Australia, the US and UK -- fell 10%, thanks to an enormous slide in Australian ad revenues?