News: Fairfax returns to profitability

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Fairfax Media (ASX:FXJ) has returned to profitability - reporting a jump in net profit on the back of second half growth and lower costs.

For the year to June 30, Fairfax's reportable net profit was $282.15 million, which is up around 174 per cent from the loss the previous year.

Analysts had expected net profit to be in the vicinity of $260 million.

Underlying net profit was $290.47 million, up 19.8 per cent, while revenue increased by 4.7 per cent to $2.48 billion.

Fairfax has also announced a 1.4 cent final dividend, bringing the full year payout to 2.5 cents.

Looking at Fairfax Media's net profit after tax results, in 2009 the company posted a $380 million loss.