Fairfax profit decline accelerates

Tim Burrowes

June 12, 2012 11:46

The decline in Fairfax Media’s annual profits has accelerated, the company has signalled to the market.

In an update released to the Australian Stock Exchange this morning, Fairfax Media said that its full year profits would be around $500m – down nearly 18% on last year’s $607.4m, which were in turn down 5% on the previous year.

The company said that so far in 2012, revenues have sunk by 8% compared to the same time last year.

Referring to the “difficult” environment, CEO Greg Hywood said in a statement: “This trading environment has continued and the company expects revenue for the second half to be approximately 8% below last year.

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Tim Burrowes

Tim Burrowes is the publisher of Mumbrella and Unmade. He co-founded Mumbrella in 2008 and sister title Unmade in 2021. He's worked in the UK, Middle East, Asia & Australia and has specialised in writing about the communications world for the last 25 years. He wrote the book Media Unmade, published in 2021, and became the presenter of MediaLand on ABC Radio National in 2025.