Fairfax lists A$365.3 million in first half loss
Posted by Simon Day on February 23, 2009 at 4:40 PM
Fairfax Media Ltd., Australia's oldest and second largest newspaper company, reported a first half net loss of A$365.3 million, the company's first ever recorded deficit, Bloomberg reported Monday.
The loss comes as a result of a decline in advertising revenue and the $447.5 million reduction of the carrying values of masthead newspapers the Sydney Morning Herald, the Australian Financial Review and the Melbourne Age, as well as a further $62 million to cover restructuring and redundancy.
The loss comes as a result of a decline in advertising revenue and the $447.5 million reduction of the carrying values of masthead newspapers the Sydney Morning Herald, the Australian Financial Review and the Melbourne Age, as well as a further $62 million to cover restructuring and redundancy.
Fairfax, which owns almost 350 titles in Australia and New Zealand, has also suffered from circulation declines.
Job losses numbered about 550 last year, and due to the global recession, Fairfax Chief Executive Brian McCarthy said he has not ruled out further job cuts, according to Bloomberg. With a nearly stagnant Australian economy reporting only a 0.1 percent expansion in the third quarter, McCarthy described the result as "creditable," given the economic circumstances.
Job losses numbered about 550 last year, and due to the global recession, Fairfax Chief Executive Brian McCarthy said he has not ruled out further job cuts, according to Bloomberg. With a nearly stagnant Australian economy reporting only a 0.1 percent expansion in the third quarter, McCarthy described the result as "creditable," given the economic circumstances.
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