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AUSTRALIA'S FAIRFAX BLAMES 7% PROFIT FALL ON AD MARKET DOWNTURN.
SYDNEY, Sept 1 Asia Pulse - Newspaper publisher John Fairfax Holdings Ltd (ASX:FXJ) has blamed a seven per cent slide in annual net profit on a cyclical downturn in the local advertising market.
Fairfax's net profit fell seven per cent to A$227.45 million (US$173.7 million) in 2005/06.
The group's underlying net profit before one-off items was down four per cent to A$228.48 million.
The media group, which is being rebranded as Fairfax Media, said the Australian advertising market had weakened further in the second half of the year compared to the first six months.
"There's no prediction of a mass turnaround (in the advertising market), nor is there a prediction that we will see this getting materially worse," Fairfax chief executive David Kirk said.
"But we are in a cyclical downturn and it has proven in the past that it is very difficult to pick when these things turn up again."
Mr Kirk said the Australian media sector was currently experiencing an "extraordinarily short" advertising market.
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