Fairfax reports $16m loss for last financial year

Fairfax Media reported more than 16 million dollars loss last financial year following lower earnings and further asset write downs.

The Australia's largest diversified media company made a net loss of 16.4 million dollars for 2012-2013, a marked improvement on the 2.7 billion dollars loss the company reported in 2011-2012.

According to news.com.au, the company made a profit of 143 million dollars, down 37 percent from 212 million dollars last year.

Revenue was down eight percent to 2.03 billion dollars, while earnings were 366 million dollars, down 28 percent on last year, the report said.

Fairfax chief executive Greg Hywood said that the conditions in the media sector were difficult and the company was trying to restrict its costs and grow its digital business.