22 Aug 2008

TradeMe boosts Fairfax

6:23 am on 22 August 2008

A stellar performance by Trade Me helped boost the earnings of Fairfax Media in a difficult advertising market.

The company says its operating earnings rose 3% to $191.6 million in the year to June.

The online auction website TradeMe accounted for a big portion of the boost, with operating earnings jumping 39% to $70.1 million.

On the basis of that performance, Fairfax paid Trade Me's founders an additional $45 million on the sale.

Chief executive Joan Withers says the company performed well despite tough economic conditions.

Overall, the company saw its full year profit rose 48% to $A386.9 million, helped by its online media business.