Australian Media Group Posts Loss

24 February 2009

SYDNEY: Fairfax Media, the Australian newspaper and radio group, posted a net loss of A$365 million ($235m; €185m; £162m) in 2008, and forecasts that the classified advertising market will remain "weak" in early 2009, both in its home country and New Zealand.

The company publishes almost 350 titles in Australia and New Zealand, and saw its underlying net profits fall 23% to A$158m last year, having been hit with a writedown of A$448m on the values of its print titles, licences and goodwill.

Brian McCarthy, Fairfax's ceo, said the performance was "creditable" given the challenging economic climate, but expects the classified market to "remain weak" for the first quarter of this year.

He also suggested there would be "some improvement" in display advertising in March this year in Australia and New Zealand.

Data sourced from Financial Times; additional content by WARC staff