Fairfax Media Limited
(ASX:FXJ) has posted a massive net loss after tax for the year to June 30 of $401 million.
That’s compared with a profit of $270 million the year before.
The company has written down the value of its mastheads, customer relationships and goodwill by more than $650 million, the writedowns and restructuring charges responsible for the poor result.
Fairfax has also announced it will spin off Trade Me, its New Zealand auctions business, to reduce debt.
The company will pay a final dividend of 1.5 cents, giving it a full year dividend to 3 cents.
