23 Aug 2013

Reduced loss reported by Fairfax

7:36 am on 23 August 2013

Fairfax Media has narrowed its annual loss, despite falling falling ad revenues.

The owner of the The Sydney Morning Herald and The Age newspapers reported a loss of $A16.4 million, well below last year's loss of $A2.73 billion.

The company continued to reduce the value of its assets, although write-downs of $A144.5 million after tax were much lower than last time around.

The ABC reports the company has been successful in cutting costs with several large rounds of redundancies. A move to a compact format for the Age and the Herald is expected to help save $A100 million this year.

However, chief executive Greg Hywood expects the introduction of digital subscriptions help improve this financial year's result.

In a briefing for analysts, Mr Hywood said the company is meeting or exceeding its digital subscription targets so far.

"We recorded half of our full-year budget for paid subscribers in the first month, with minimal impact on total visitor numbers to our websites," he added.