Australia's Fairfax Media nets profit on sale of Stayz after years of losses
August 15, 2014, 12:01 am TWN
SYDNEY--Australian media company Fairfax reported a AU$224.4 million (US$208.7 million) annual net profit Thursday, returning to the black after three years of losses even as print advertising revenues slid further.
The return to profit was supported by the sale of travel website Stayz in December for AU$220 million.
Revenue slipped by three percent to AU$1.97 billion. The firm declared a final dividend of two cents, to take the total for the year to four cents.