Fairfax Media Ltd Net profit grew 6% in 1H 17

Net profit grew 6% in 1H 17: Fairfax Media Ltd (ASX: FXJ) stock also rose over 8.05% on February 22, 2017 given the 6% growth in the underlying net profit to $84.7m during first half of 2017. However, the group revenue for continuing businesses fell 5.8% to $902.9m. The Domain Group posted the strong digital advertising growth of 15%, notwithstanding a challenging listings environment. Moreover, the cost reduction programs underpinned a 5% decline in operating expenses, notwithstanding continued investment in the growth businesses. Additionally, the trading in the first two weeks of February saw revenues around 6% below last year. The trading in January entailed revenues around 10% below last year in a slower than usual start across the media industry. The new real estate listings have seen some early signs of improvement in February following the weak FY17 H1 performance.      

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