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Australia's Fairfax Media returns to profit, but outlook weak
August 13, 2014 / 10:50 PM / 3 years ago

Australia's Fairfax Media returns to profit, but outlook weak

SYDNEY, Aug 14 (Reuters) - Australian media group Fairfax Media Ltd reported a return to profit on Thursday, posting annual net earnings of A$224.4 million ($208.76 million) after slashing costs, but warned of difficult trading conditions.

The fiscal 2014 profit, which included one-off gains of A$66.7 million due in part to asset sales, compared with a A$16.4 million loss a year earlier.

Revenue at the media group, which publishes Australia’s oldest paper, the Sydney Morning Herald, fell 3 percent to $1.97 billion. Trading in the first five weeks of the current financial year showed revenues one to two percent below last year, Fairfax said. (US$1 = 1.0749 Australian dollar) (Reporting by Jane Wardell)

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