News: Fairfax Media rebounds to FY profit

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Fairfax Media Limited (ASX:FXJ) has rebounded to a profit in the 2014 financial year after posting a $16.4 million loss the year before. 

 

The media company has posted a net profit of $224.4 million on the back of the sales of holiday website Stayz and InvestSMART over the financial year. 

 

CEO and Managing Director Greg Hywood says the result underlines the ability of Fairfax to deal with the enormous structural changes impacting the industry.

 

Looking ahead the company has affirmed it remains on track to deliver savings of $311 million by the end of the current 2015 financial year.

 

A fully-franked final dividend of 2 cents per share has been declared, taking the full year payout to 4 cents per share.