Revenue dips at Fairfax

FAIRFAX Media chief executive Greg Hywood has promised to continue with costcutting measures, while defending the company’s strategy after a decline in revenue.

Group revenues fell 1 per cent in the first 17 weeks for the second half of the financial year compared with the previous corresponding period, Mr Hywood said in a trading update yesterday.

The results were dragged down by the media company’s metro and community newspaper divisions, with Australian Metro Media — publisher of titles including The Sydney Morning Herald and The Age — down about 2 per cent and Australian Community Media down about 9 per cent.

But property listings business Domain grew its revenue by 13 per cent.