Fairfax Media plunges to $64m loss

FAIRFAX Media has swung to an annual net loss of $63.8 million, hurt by significant items totalling $188.7 million related to impairment charges at Australian Community Media and New Zealand’s Stuff, as well as restructuring and redundancy costs.

That compares to an $83.9 million net profit in 2016-17.

Revenue for the 12 months to June 30 fell 3.1 per cent to $1.69 billion, with Fairfax reporting revenue for the first six weeks of the new financial year down around 5 per cent from the same period last year. HOURLY pay rates across Australia grew at a sluggish 2.1 per cent over the past year, level with the rate of inflation, latest figures show.

Total hourly rates of pay, excluding bonuses, for the three months to June 30 rose 0.6 per cent, according to Australian Bureau of Statistics data, while growth for the year to June 30 was 2.1 per cent.

Public sector hourly rates of pay lifted 0.6 per cent in the quarter and 2.4 per cent over the year, while private sector workers received a 0.5 per cent increase in the quarter and 2 per cent over the year.

The June quarter result was in line with economists’ expectations.

The media group — which is in the process of being taken over by Nine Entertainment — reported a 1.2 per cent rise in underlying earnings, to $274.2 million, with the group declaring a final dividend of 1.8 cents a share, partially franked.