Finance Finance News Fairfax profit down 86%

Fairfax profit down 86%

Fairfax Media
Both Fairfax Media bidders have pulled out. Photo: AAP
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Media group Fairfax has suffered an 86 per cent slide in its first half profit to $26.3 million due to one-off impairment charges and redundancy costs.

Excluding the one-offs, the media group’s profit was down 0.6 per cent to $86.4 million, while underlying earnings fell 8.7 per cent to $162.4 million.

Mining jobs, profits suffer another blow

Earnings from the company’s metropolitan media division rose four per cent, as an increase in digital subscriptions and the growth of its Domain real estate advertising business offset a further decline in print advertising.

Fairfax also announced it would buy-back up to 121 million of its shares over the next 12 months and said it would pay shareholders an interim dividend of two cents per share.

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