Fairfax Media Ltd (ASX:FXJ) has posted a 15 per cent lift in first-half profit and, promoted digital operations head, Jack Matthews, to head its new metropolitan media division.
In the six months to 31 December the media company says net profit rose to $165.4 million while revenue was up 3 per cent to $1.3 billion.
CEO and managing director Greg Hywood says revenues grew across all business segments and together with strict cost disciplines generated stronger half year earnings.
Fairfax has also announced that it will buy back $300 million in stapled preference shares in April, with funding for the repurchase to be sourced from long term undrawn bank facilities.
An interim dividend of 1.5 cents per share has been declared.
Fairfax Media moved from a loss to a profit of $282.37 million in the 2010 financial year.
