Fairfax swings to FY profit

By Chris Kohler and Elizabeth Redman

But Fairfax shares have surged 39 per cent this year on hopes the company will extract some value from its real estate classified business, Domain.

Last month, The Australian reported that Fairfax’s largest shareholder, Gina Rinehart, was considering a takeover bid and had approached business associates for advice on finding the right leaders for the group.

Fairfax Media has swung to full-year profit and says it is on track to achieve its savings target of $311 million by the end of fiscal 2015.

Along with Robert Gottliebsen and Stephen Bartholomeusz, Alan also founded Business Spectator, the popular business news and commentary website.

Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.

In the 12 months to June 29, the media company posted a net profit of $224. 4 million, a significant improvement from the $16. 4m loss reported in the previous corresponding period.

Ms Rinehart, the country’s richest person with $20 billion, has a 14. 99 per cent stake in Fairfax through her company Hancock Prospecting.

Read more here: Business Spectator


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