Fairfax posts net loss of $63.8m

Company News

by Anna Napoli

Fairfax (ASX:FXJ) has reported net loss after tax of $63.8 million for the 2018 financial year.

Group revenue decreased 2.8 per cent on FY17 to $1.7 billion.

Its underlying earnings before interest and tax (EBIT) decreased 5.6 per cent on the prior year, to $217.4 million.

The company declared a second half dividend of 1.8 cents per share 50 per cent franked.

The company says the loss reflects impairment charges at Australian Community Media (ACM) and Stuff as well as restructuring and redundancy charges.

The results mark the last full year accounts for the company under the Fairfax name after a merger with Nine was announced last month. The merger is still subject to regulatory approvals.

Shares in Fairfax (ASX:FXJ) are trading 3.93 per cent lower to 85 cents.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.