Media company Fairfax Media Ltd
(ASX:FXJ) has reported a $380 million loss for the year, due to a slump in advertising revenues.
The loss for the 12 months to June 30 includes $664.3 million in significant items, $513 million related to a reduction in the carrying value of its newspaper mastheads and goodwill.
Net profit excluding one-off impairments and significant items for fiscal 2009 came to $226.7 million.
Earnings before interest, tax, depreciation and amortisation fell 27 per cent to $605 million, from $831.2 million the year before.
Revenue for the year fell 10 per cent to $2.6 billion.
The company says trading results in the first seven weeks of the new financial year indicate that the decline in advertising revenue appears to have bottomed but a material recovery in advertising demand has not yet commenced.
Fairfax Media decoded not to pay a final dividend.
Fairfax Media’s 2008 net profit was $386.8 million.
