Fairfax Media profit plummets almost 90 per cent

FAIRFAX Media will buy back up to 5 per cent of its own shares over the next 12 months, after it posted a decline in first-half net profit of almost 90 per cent. In the six months to December 31, Fairfax recorded a net profit of $26.3 million, a steep 86.4 per cent drop on the previous corresponding period’s $193.8m.