Business Services Industry
Soft ads, downturn hit Fairfax profit.
Australasian Business Intelligence, August, 2006
Byline: Michael Sainsbury
Aug 31, 2006 (The Australian - ABIX via COMTEX) -- John Fairfax Holdings has reported a seven per cent fall in annual profit to $A227m in 2005-06. The company attributed the decline to sluggish consumer demand, affected by high oil prices and interest rate rises. In addition, Australian companies have been reluctant to commit to long-term advertising spending. Fairfax Digital, its online arm, has gained substantially, with revenue jumping 75% to $A96m. The company has cut costs by reducing staff numbers by 50, saving $A231.1m. It intends to bid for two new digital channels once available.
Publication Date: 1 September 2006
JOHN FAIRFAX HOLDINGS LIMITED - ASX FXJ
FAIRFAX DIGITAL LIMITED
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