Fairfax wipes $A651m off newspapers
Writedown on print mastheads leaves company with $A401 million loss.
Fairfax Media have booked a net loss of $A401 million after writing down the value of its mastheads by $A651 million.
Net profit at excluding significant items remained steady, up 1.8%, on $A274 million.
In a statement Fairfax chief executive Greg Hywood stressed the writedown was mostly of a non-cash nature.
Mr Hywood says the business environment was challenging, and the effects of a “prolonged cyclical downturn” were still being felt.
Circulation revenue was down 5.3%, and revenue from New Zealand Media down 5.7%.
Revenue from online, including TradeMe which is flagged for a partial sale, was up 10.3%.
Fairfax’s New Zealand print assets include the Dominion Post, the Press and the Sunday Star-Times.
Matt Nippert
Fri, 26 Aug 2011
Fri, 26 Aug 2011
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Fairfax wipes $A651m off newspapers
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