Fairfax Profit Dips 86pc
Excluding significant items, the media group’s profit fell from $93.1 million to $82.9 million as the company adjusts to the digital age.
But CEO Greg Hywood maintains the result is in line with expectations. “This result is a solid outcome. It is the result that we had planned for. There are no surprises,” Hywood said.
The media group, which owns The Sydney Morning Herald and The Age, has shifted focus away from its traditional print assets and is looking to grow its digital operations, especially its real estate advertising business Domain.
Fairfax also said it would buy-back up to 121 million of its shares over the next 12 months, and will pay an interim dividend of two cents per share.