Fairfax
(ASX:FXJ) has released its 1H FY17 results. The key points are:
- net profit after tax rose 6.1% to $83.7 million,
- revenue fell 4.7% to $913 million,
- interim dividend of 2 cps (70% franked), representing a payout ratio of 54%
- EPS rose 8.8% to 3.7 cps, thanks to Fairfax’s share buyback program.
Fairfax also announced today that is will conduct a strategic review of the Domain Group.
The company says its plan is to spin-off Domain into a new Fairfax controlled ASX-listed entity, since the online real estate listing website has achieved revenue, earnings and audience to a scale which makes it necessary to operate as a standalone entity.
Under this plan, Fairfax would continue to have a controlling majority of Domain – between 60% and 70%.