4 May 2011

Fairfax Media shares down

1:00 pm on 4 May 2011

Shares in Fairfax Media fell on Tuesday after the company slashed its profit outlook.

The company says revenues for the second half of its financial year so far are currently 4.5% below those achieved last year, due to a slump in advertising, particularly in the retail sector that comprises more than 20% of advertising revenues.

Fairfax says the company is on track to deliver annual earnings before tax and interest payments of about $A600 million - well below last year's $A639 million result.