Business Services Industry
It's the cycle, says Kirk, as Fairfax endures advertising's bumpy ride.
Australasian Business Intelligence, August, 2006
Byline: Helen Westerman
Aug 31, 2006 (The Age - ABIX via COMTEX) -- The general downturn in advertising in Australia has affected the annual result of media group John Fairfax Holdings. CEO David Kirk has announced a decline in net profit for 2005-06 of 7%, to $A227.4m after tax. The annual dividend however set a new record, with $A0.195 per share. Kirk noted that classifieds advertising especially in the property and employment areas caused the slump for the core newspaper publishing business, but that the new Fairfax Digital division is already contributing strongly to the overall performance. The purchase of New Zealand web auction site operator Trade Me in particular was an astute decision. On 31 August 2006, Fairfax stock closed $A0.02 lower at...
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