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Reading: Fairfax Profit Plummets 86 Per Cent To $26 million
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B&T > Fairfax Profit Plummets 86 Per Cent To $26 million
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Fairfax Profit Plummets 86 Per Cent To $26 million

John Bastick
Published on: 19th February 2015 at 9:04 AM
John Bastick
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Fairfax Media has announced this morning an 86 per cent fall in first year profits to December. The sharp fall has been blamed on redundancy payouts and an asset sale in the previous reporting period that skewed profits favourably for the media company.

Its net profit for the six months to December was $26.3 million, down from $198.3 million from the same period last year. However, that figure was substantially beefed-up by the $100 million sale of its Stayz accommodation website. Fairfax’s bottom line also took a hit of $38.3 million in redundancies and restructuring costs.

Fairfax – the publisher of esteemed mastheads The Age, The Sydney Morning Herald and The Australian Financial Review – has come under fire in recent times as it has attempted to reign in costs by slashing staff, outsourcing editorial numbers and closing titles – namely magazine inserts.

It reported that revenues in the six months to December also fell year on year by 2.4 per cent. Nor has 2015 been kind to the business, with revenues down an estimated three per cent in the first seven weeks of the year.

 

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By John Bastick
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John Bastick has edited B&T since 2015, making him one of the title's longest serving editors. In that time he has overseen B&T's rise to fame and fortune. He is one of Australia's foremost authorities on all things advertising, marketing and media. Prior to editing B&T, John built a scintillating career as a pioneer in the highly successful Men's Magazine category.

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