Australian publisher Fairfax Media reported a loss of close to A$900 million (US$692 million) on Wednesday but remained upbeat on signs that its digital and non-print businesses were performing strongly.
Fairfax - which owns The Sydney Morning Herald, The Age and The Australian Financial Review - booked a net loss after tax of A$893.5 million for the year to June 30. This compared to a net profit of more than A$80 million in the previous corresponding period.
The media giant, like its international peers, has for years been battling declining advertising and revenues, particularly in traditional print divisions.
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Fairfax - which owns The Sydney Morning Herald, The Age and The Australian Financial Review - booked a net loss after tax of A$893.5 million for the year to June 30. This compared to a net profit of more than A$80 million in the previous corresponding period.
The media giant, like its international peers, has for years been battling declining advertising and revenues, particularly in traditional print divisions.
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