Australia's Fairfax Media Flags $760 Mn In Writedowns
Umer Jamshaid Published August 01, 2016 | 11:40 AM
SYDNEY, (APP - UrduPoint / Pakistan Point News - 1st August, 2016) - Leading Australian publisher Fairfax Media said Monday it would post nearly Aus$1 billion in writedowns in the year to July, while it announced the creation of a new reporting segment for its lucrative online real estate division. Like its global peers, the group, which owns The Sydney Morning Herald and The Age newspapers, has had add to slash jobs and costs owing to falling circulation and advertising revenue. Most of the Aus$989 million (US$750 million) pre-tax impairment charges for the 2016 financial year come from major Australian metropolitan newspapers, accounting for Aus$484.9 million.
Impairments for smaller, community media amounted to Aus$408.
8 million. Fairfax said its property listings division Domain Group would form a separate reporting segment. Chief executive Greg Hywood said the adjustments "reflect the market realities that the metro business is facing", adding that the media divisions in the rural, regional and New Zealand divisions were also experiencing challenges. But with speculation swirling that the Domain separation could eventually lead to the group selling the real estate division or newspapers, Hywood said the unit "remains an integral and growing part of Fairfax". "We have no plans for that to change," he added in a statement.
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