Australia's Fairfax Media swings to annual profit

[SYDNEY] Australian newspaper publisher Fairfax Media Ltd posted an annual net profit on Wednesday as it benefited from cost-cutting and an improvement in property listings.

Fairfax, which saw two private equity firms walk away from takeover bids in July, posted a net profit of A$83.9 million (A$89.7 million) for the year ended in June, compared with a net loss of A$772.6 million a year ago.

Revenue fell 4.8 per cent to A$1.74 billion.

REUTERS