22 Feb 2010

Fairfax Media announces profit turnaround

1:15 pm on 22 February 2010

Fairfax Media's half year underlying profit has climbed - but its operations in New Zealand remain subdued.

The Australian-based company made a $A144 million profit in the six months to 27 December, a turnaround from a $A376 million loss in the same period a year earlier.

Earnings at Fairfax's New Zealand publishing arm, which includes the Dominion Post and Sunday Star Times, fell by almost 30% to $A38,036,000.

But earnings within Fairfax's online arm, which includes the internet auction site Trade Me, climbed by more than 11%, to $A53,109,000.

The company says the New Zealand economy has stabilised and it is looking for advertising to recover.

Revenue in New Zealand was down 12% during the period, but circulation revenue climbed 1%.