Sydney: Australian publisher Fairfax Media reported a loss of close to A$900 million ($692 million; Dh2.52 billion) 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.
Australia’s Fairfax Media books loss
Publishing major booked a net loss after tax of A$893.5m for the year to June 30