Fairfax Media Ltd
(ASX:FXJ) has announced an improved half-year profit of $148.81 million, benefitting from a modest recovery in advertising markets.
The result reverses a loss of $365.27 million for the same period a year before.
Underlying profit rose 5.6%, despite total revenue falling 12.8% to $1.26 billion.
CEO Roger Corbett says the results reflect the implementation of a number of business improvements across the company, such as new online initiatives and streamlining advertising sales.
The company has declared an interim dividend of 1.1 cent per share.
Fairfax Media reported a loss of just over $380 million for fiscal 2009.
