Fairfax first half profit down 44%

February 23, 2012

Fairfax Media's first half profit fell by 44 per cent, adding that January's revenue also was down and difficult trading conditions would likely continue.

Fairfax on Thursday posted a net profit of $96.7 million for the six months to December 25, 2011, down from $172.3 million in the previous corresponding period (pcp).

Revenue in the six months to December of $1.23 billion was down five per cent on the same period the previous year.

Chief executive Greg Hywood said the results were disappointing.

Revenue in January 2012 was down 7.5 per cent on the same month in 2011.

"The difficult trading environment is likely to continue and the outlook remains uncertain," My Hywood said in a statement.

"Transformation of Fairfax Media is clearly underway.

"This will put us in a stronger position to deal with what is a challenging trading environment."