Record Trade Me result boosts Fairfax
Australian media conglomerate reports strong online peformance, and better results from its New Zealand subsidiary.
Australian media conglomerate Fairfax has reported strong online peformance, and better results from its New Zealand subsidiary, in its half-year earnings to December 31.
Net profit after tax increased 15% to $A165.4 million against the year ago period.
Ebitda increased 7% to $A347.0 million.
Revenue was up 3% to $A1.3 billion.
Auction site Trade Me, which sits in the Fairfax Digital division controlled by Jack Matthews out of Sydney achieved record revenue growth of 11% and earnings growth of 8% for the half (although some in the site's user-community have howled about "significant fee hikes").
The company said it is investing in product development at Trade Me and the site is experiencing growth in employment listings.
Overall Fairfax Digital revenue increased 12.2% to $A114 million, with ebitda up 9.2% to $A58 million.
New Zealand media
Fairfax's New Zealand media business saw revenue drop of 1.2% to $A192.3 million. Ebitda improved 7.1% to $A40.7 million, bouyed by a 2.9% lift in advertising revenue.
The company said the introduction of a higher goods and services tax and other tax changes affected property and consumer spending. Employment conditions in metropolitan markets were tough but there were some gains in regional markets.
Online revenue jumps 40%
Revenue from the online and mobile New Zealand Media business (which includes Stuff but excludes Trade Me) grew 40% - albeit off a low base - to $NZ4.3 million.
Revenue increased 3% to $1.3 billion
• EBITDA increased 7% to $347.0 million
• Net Profit after tax and SPS dividend increased 15% to $165.4 million
• Earnings per share of 7.0 cents, up 15%
NBR staff
Thu, 24 Feb 2011
Thu, 24 Feb 2011
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Record Trade Me result boosts Fairfax
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