The Market's Loving The New-Look, Debt-Free Fairfax Media

Fairfax Media shares are up 23% to 87 cents on its latest results showing a debt free media group.

The two-year share price high came on the back of results.

Since June last year, Fairfax has reduced net debt by $234 million and now has cash in the bank of $80 million.

Excluding asset sales, the company today announced a profit after tax of $93.1 million, up 12.1% compared to $83.1 million in the same period last year.

Disclosure: Allure Media, Business Insider’s publishing company, is owned by Fairfax Media.

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