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SYDNEY - Australasian newspaper publisher Fairfax Media said today full-year net profit rose 10 per cent on strong performances for its digital businesses and its regional and rural publications.
Fairfax, which bought regional media group Rural Press last year for A$2.8 billion ($3.33 billion), said net profit before one-offs for the year to June 30 was A$251.1 million ($293.30 million).
Consensus analyst forecasts pointed to a profit of A$253.2 million, according to the mean of nine forecasts by Reuters Estimates.
Circulation grew with The Sydney Morning Herald, The Age and The Australian Financial Review.
The New Zealand-based website Trade Me exceeded its pre-acquisition earnings targets resulting in $4.8 million being paid to the original shareholders of Trade Me, led by Sam Morgan.
The payment was as part of the agreed earn-out provision of the purchase.
The magazines division had solid revenue and profit growth, as did the regional and community newspapers division, Fairfax said.
Newspaper revenue increased to A$1.6 billion from A$1.5 billion.
Magazine revenue was A$215.043 million from A$201.395 million.
Fairfax Digital's revenue gained 37.8 per cent to A$132.9 million.
The company's final dividend is 10 cents per share, fully franked.
- AAP
