Arab Today, arab today massive losses for australia\s fairfax media
Last Updated : GMT 21:17:01
Arab Today, arab today
Arab Today, arab today

Massive losses for Australia\'s Fairfax Media

Arab Today, arab today

Arab Today, arab today Massive losses for Australia\'s Fairfax Media

Sydney - AFP

Struggling Australian media giant Fairfax on Thursday said its full-year losses ballooned to Aus$2.73 billion (US$2.87 billion), driven by huge write-downs as part of its restructuring plans. The grim result in the 12 months to June 30 compared with a loss of Aus$390 million in the previous year and sent its share price plunging 9.7 percent to 51 cents. Fairfax, which has newspaper, radio and digital interests, said the net loss included Aus$2.9 billion in write-downs, including a Aus$2.8 billion non-cash impairment charge and other significant items worth Aus$140 million. Stripping out one-time expenses and write-downs, underlying net profit fell to Aus$205 million from Aus$283 million a year earlier. Revenue fell nearly seven percent to Aus$2.33 billion. Like media companies worldwide, Fairfax has faced sliding print advertising and circulation revenues and the company is in the process of a major overhaul towards a digital future, slashing hundreds of jobs. The biggest write-downs were a reduction in the value of the company\'s mastheads and trade names from Aus$3.2 billion to Aus$1.23 billion. But chief executive Greg Hywood, who said he would give up half his Aus$840,000 bonus because of the difficult conditions facing the firm, defended the media company\'s prospects. \"Fairfax Media has a sound and diversified business, as shown in the underlying results we have reported today,\" he said. \"These results reflect a challenging trading environment. We continue to drive significant change through the business, consistent with our strategy, and we are responding to a stressed economic environment.\" The ailing company has been under pressure from its biggest shareholder Gina Rinehart, the world\'s richest woman, to reverse its fortunes and give her more influence. The mining mogul has been locked in a bitter row with Fairfax, which turned down her demand for three board seats over her refusal to sign the firm\'s charter of editorial independence. In response, Rinehart scaled back her holding from just under 19 to 15 percent last month. As part of its plan to address plunging newspaper revenues and circulation, Fairfax has previously announced it will slash 1,900 jobs and erect paywalls on its flagship titles. The Sydney Morning Herald and The Age in Melbourne will also shift from broadsheet format to a more compact, tabloid size and two printing facilities will be shut.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today massive losses for australia\s fairfax media Arab Today, arab today massive losses for australia\s fairfax media

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today massive losses for australia\s fairfax media Arab Today, arab today massive losses for australia\s fairfax media

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday