Struggling media company Stuff is back in the black, returning to a profit after last year's substantial net loss.
Photo: RNZ/ Brad White
Stuff, formerly Fairfax Media, made a net profit of $5.5 million in the year to June, compared with last year's $74m loss, as a result of writedowns.
Revenue fell 12 percent to $269m, as sales earned from advertising and newspaper circulation continued to drop-off.
Expenses were cut by over a third to $256m, with savings made on its buildings and office equipment.
Stuff was bought by the Australian-listed media group Nine Entertainment late last year, and has been on the sale block for months.
Last month it was confirmed that fellow New Zealand media company NZME was in discussions with Nine to purchase Stuff.
Its assets included the Stuff.co.nz news website, the social media website Neighbourly, a fibre internet provider and newspapers The Sunday Star Times, The Dominion Post and The Press.