Sydney, Aug. 23 (Xinhua-ANI): Australian multi-platform media group Fairfax Media on Thursday posted a loss of 2.73 billion AU dollars (2.87 billion U.S. dollars) for the 2012 financial year due to massive writedowns on the value of its newspapers.
The result was seven times worse than the net loss of 390.9 million AU dollars (411.23 million U.S. dollars) in the previous financial year.
The company was hit by 2.9 billion AU dollars (3.05 billion U.S. dollars) worth of worth-downs, including a non-cash impairment charge of 2.8 billion AU dollars (2.95 billion U.S. dollars) and other significant items totaling 140 million AU dollars (147.28 million U.S. dollars).
Fairfax also reported a 6 percent decline in revenue to 2.33 billion AU dollars (2.45 billion U.S. dollars) in the 2012 financial year.
"Fairfax Media has a sound and diversified business, as shown in the underlying results we have reported today," Fairfax Chief Executive and Managing Director Greg Hywood said in a statement.
"These results reflect a challenging environment," he said.
Fairfax on Thursday reported underlying earnings before interest, tax, depreciation and amortization of 506 million AU dollars (million U.S. dollars), down 17 percent on the previous year.
"The cyclical downturn worsened during the 2012 financial year, while continuing structural change is affecting our Metro Media division," Hywood said.
The company said economic conditions remained challenged in its core advertising markets and early 2012/13 revenues were tracking 10 percent below the prior year.
Fairfax shares were down 7.61 percent to 52.2 AU cents by 13:32 local time on Thursday. (Xinhua-ANI)