Fairfax Media
(ASX:FXJ) has returned to profitability – reporting a jump in net profit on the back of second half growth and lower costs.
For the year to June 30, Fairfax's reportable net profit was $282.15 million, which is up around 174 per cent from the loss the previous year.
Analysts had expected net profit to be in the vicinity of $260 million.
Underlying net profit was $290.47 million, up 19.8 per cent, while revenue increased by 4.7 per cent to $2.48 billion.
Fairfax has also announced a 1.4 cent final dividend, bringing the full year payout to 2.5 cents.
Looking at Fairfax Media’s net profit after tax results, in 2009 the company posted a $380 million loss.
