Fairfax H1 net profit halves

Media group confident of its ability to cut costs and generate enough new revenue to avoid a 'bleak future'.

Fairfax Media (FXJ) remains confident of its ability to cut costs and generate enough new revenue to avoid a "bleak future" despite seeing its first-half net profit halved.

In the six months to December 29, Fairfax posted a net profit of $193.8 million, a 49.8% slide on the $386.3 million recorded in the previous corresponding period.

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