Shares in Fairfax Media have risen to their highest level in more than two years after the media group reported improved underlying profit and earnings in its first half.

Fairfax shares were up 25.2 per cent to 89.5 cents at 1055 AEDT – a level last seen in November, 2011.

More than 28 million shares have been traded.

Fairfax has reported an underlying profit of $93.1 million for the six months to December 31, up 12 per cent on $83.1 million a year ago.

The result was boosted by a 52 per cent increase in earnings from the metropolitan media business, which includes its major newspapers and websites like the Sydney Morning Herald and The Age, along with its Domain real estate business.