Fairfax Profit $386.3m, up 300%

Content publisher, Fairfax Media (ASX:FXJ) have released its half year results to stakeholders, investors and shareholders.

• Fairfax Media Net Profit $386.3 million up 299.7 percent on the previous corresponding period of $135.7 million.
• However the profits were boosted from one-off gains from the sale of assets including New Zealand based Trade Me Group and the sale of its US agricultural publishing business.
• Excluding significant one-off items, Fairfax Net profit would be at $83 million, down $38.8 percent from the $135.7 million in the previous corresponding period.
• Fairfax chief executive Greg Hywood said, "Continuing weakness in real estate and the national advertising market are providing a drag on group revenue, although there is considerable volatility from month to month. A sustained improvement in consumer sentiment is required in order to see an uplift in a number of our key advertising categories, and we note recent positive economic commentary in relation to the consumer economy."
• FXJ Revenue was down from $1.18 billion to $1.1 billion.
• Costs fell $80 million as it cut staff and the close major printing presses at Sydney's Chullora and Melbourne's Tullamarine.
• On March 4 the weekday editions of its newspapers will shrink to compact size with Weekend editions to follow in the year.
• Fairfax declared a fully franked dividend of 1 cent per share.