MGM’s ‘Sky’ high

MGM Holdings, the film studio that emerged from bankruptcy more than two years ago, said first-quarter profit more than doubled with the film hits “Skyfall” and “The Hobbit.”

Net income increased to $57.4 million from $23.3 million a year earlier, the closely held Beverly Hills, Calif.-based company, which has filed for an initial public offering, said yesterday. Revenue also more than doubled, to $481.7 million from $179.5 million a year earlier.