News: Australia's Fairfax Media warns of $759 mln writedown, citing tough market

SYDNEY, Aug 1 (Reuters) - Australian newspaper publisher and radio broadcaster Fairfax Media Ltd (FXJ) on Monday said it will make nearly A$1 billion ($759 million) in impairment charges for fiscal 2016 to reflect "market realities".

The publisher of the Australian Financial Review, the Sydney Morning Herald and other newspapers said in a statement it expected to make impairment charges totalling A$989 million when it reports full-year earnings on Aug. 10.

The Sydney-based company was previously expected to post a net profit of A$145 million for the year to June 30, according to the average forecast of 10 analysts polled by Thomson Reuters Starmine.

($1 = 1.3184 Australian dollars)