February 20, 2018 / 9:56 PM / 4 months ago

Fairfax Media's interim profit drops as it struggles for fresh revenue streams

Feb 21 (Reuters) - Australia’s biggest newspaper publisher Fairfax Media Ltd said underlying first-half net profit fell 10 percent as a pickup in digital subscriber numbers failed to offset a downturn in advertising revenue.

Net profit was A$76.3 million ($60.13 million) for the six months to Dec. 31, the company said on Wednesday, compared to a net profit of A$84.7 million a year ago.

The publisher of The Sydney Morning Herald, The Australian Financial Review and other mastheads declared a dividend of 1.1 cents per share, compared to 2 cents from a year ago.

$1 = 1.2689 Australian dollars Reporting by Ambar Warrick in Bengaluru; Editing by Byron Kaye

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