Fairfax Digital is the beacon of light among the group’s falling print revenue in the first half of the financial year.
Fairfax Media’s results for the six months to December 2008 revealed Fairfax Digital and NZ-based shopping site Trade Me achieved revenue growth of 13.7% to $135.1 million. Earnings before interest, taxes, depreciation and amortisation was also up 13.3% to $56.4 million from the same period in 2007.
Revenues across Fairfax Digital’s websites including the smh.com.au and thrage.com.au increased by more than 12%, reporting strong growth in display, classified and transaction revenue streams. EBITDA grew by 14%.
Fairfax Media reported an overall net loss of $365.3 million in the first half of the 2008-09 financial year, with total revenue and EBITDA across its metropolitan, regional and community print titles taking a significant hit. EBITDA was also down 11.6% to $370 million across the publisher’s assets.
Brian McCarthy, CEO of Fairfax Media said: “Our portfolio of online assets, including Trade Me in New Zealand and the Fairfax Digital sites in Australia, recorded solid ongoing growth and helped to somewhat offset the declines in our Australian and New Zealand publishing and radio businesses.”
At the time of publication the company’s share price was at $1.02, up from its sub dollar price last week.
