Fairfax reports slide in net profit but shows underlying growth ‘for first time in eight years’

Fairfax has reported a net profit after tax of $83.2m, down from last year’s $224m, with revenue down 5.3 per cent to $1.86bn, with large growth in the Domain property business driving the result.

This year has seen massive changes for the publisher which have included taking full control of the Metro Media Publishing assets – which include Domain – a merger with Macquarie Radio Network for its radio division, and launching video streaming service Stan with Nine Entertainment Co.

Underlying profit after tax fell almost four per cent to $143.3m although the company reported an underlying revenue increase “excluding  significant items” of 0.3 per cent to $1.84bn.

The significant items impacted the results by $60.5m compared to a gain in 2o14 of $66.7m. Operating expenses climbed 0.5 per cent on the back of a $39m investment in “growth businesses and ventures”.