Monday, August 24, 2009

Fairfax Media Posts Net Loss After Writedowns

Fairfax Media Ltd., Australia’s second-largest newspaper owner, posted a second-half loss after a decline in advertising revenue forced it to write down the value of its mastheads.

The net loss after impairments, significant items and tax totaled A$14.7 million ($12.3 million) in the six months ended in June, compared with a profit of A$190.9 million a year earlier, spokesman Frank Sufferini said. For the full year, the publisher of the Sydney Morning Herald and the Australian Financial Review reported a loss of A$380 million.

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