SYDNEY, 23 August, 2012: Fairfax Media Limited [ASX:FXJ] has reported overall revenue of $2,328 million, 6% lower than last year, with a net loss after tax of $2,732 million, including a non-cash impairment charge of $2,798 million and other significant items totalling $140 million. The Company reported underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of $506 million, excluding significant items and intangible adjustments, down 16.7% on last year, which was slightly above June guidance and market consensus.
“While we’re still in the early stages of implementing the Fairfax of the Future initiatives, today’s result includes a $21 million EBITDA benefit from the Fairfax of the Future program,” Mr Hywood said. “We finished the financial year ahead of plan with annualised savings of $56 million. In total, Fairfax of the Future will deliver annual EBITDA benefits of $235 million by the end of FY15.”
FXJ Price at posting:
39.5¢ Sentiment: None Disclosure: Not Held
