13 Jun 2012

Fairfax Media downgrades profit forecast

7:15 am on 13 June 2012

Fairfax Media says poor trading conditions have forced it to lower its profit estimates.

The listed company whose New Zealand titles include The Dominion Post and the Sunday Star Times says if the current conditions continue, its pre-tax earnings will be about A$500 million.

It says cost cutting has so far saved A$40 million.