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Australia's Fairfax improves to $14.7 mn loss

Struggling Australian media firm Fairfax reported a Aus$16.4 million (US$14.7 million) annual loss Thursday but it was a major turnaround from a year earlier, helped by digital reforms. Fairfax, the major rival to Rupert Murdoch's News Corp. Australia, said the net loss for the year to June 30 was a big reversal of the Aus$2.7 billion loss seen in the previous financial year.

Australia's Fairfax up on asset sales; revenues plunge

Ailing Australian media company Fairfax unveiled Thursday a quadrupling of first-half profit to Aus$386.3 million (US$395.5 million) after offloading assets to guard against plunging revenues. Fairfax, publisher of The Age and Sydney Morning Herald broadsheets and owner of radio and digital assets, said net profit for the half-year to December 31 was almost four times that of the Aus$96.7 million over the same period last year.
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