Australia's Fairfax H1 profit rises

Australia's Fairfax Media Ltd said today its first-half net profit rose 37.8 per cent, helped a strong performance at its regional businesses which offset weak markets in major cities.

The Sydney-based publisher said net profit for the six months to December 31 was A$196 million ($227.9 million) compared to A$142 million a year earlier.

Fairfax bought rural media group Rural Press last year, and also agreed a plan to carve up Southern Cross Broadcasting Ltd with Macquarie Media .

Fairfax shares closed at A$4.00 on Wednesday.

The stock has fallen 14.5 per cent so far in 2008, just ahead of a 13 per cent slide in the benchmark index.

- REUTERS