13 Aug 2015

Fairfax earnings, profits drop in NZ

1:58 pm on 13 August 2015

Australian media firm Fairfax says earnings have fallen in New Zealand.

The company, which owns Stuff and the Dominion Post , in New Zealand as well as the Sydney Morning Herald and The Age in Australia has reported gross earnings slumped 12 percent to $70.3 million in the year to June, compared with the previous year.

Revenue fell 4 percent to $385.7 million.

Fairfax said advertising fell due to weak market conditions, with declines in food, retail and employment advertising, which offset gains in real estate advertising.

It notes digital revenue rose 38 percent.

Overall, Fairfax Media's full-year profit fell 63 percent to $AU83.2 million.

The company's revenue dropped 5.3 percent to $AU1.87 billion.

It has declared a full-year dividend of 4 cents a share.

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