Australia's Fairfax Media post $2.87 billion loss
Sydney, Aug 23 (AP/UNB) - Shares in Australia's second largest newspaper publisher Fairfax Media Ltd. dived more than 5 percent after the company announced a 2.73 billion Australian dollar ($2.87 billion) loss last year due to writedowns in assets and declining advertising .
News of the massive loss came as chief executive Greg Hywood said Thursday he would give up half his AU$840,000 bonus because of the difficult conditions facing the company.
Revenue at the Sydney-based media group fell to AU$2.33 billion from AU$2.5 billion.
Shares in Fairfax fell 5.3 percent to 53.5 AU cents in early trading after the loss was announced.
News of the massive loss came as chief executive Greg Hywood said Thursday he would give up half his AU$840,000 bonus because of the difficult conditions facing the company.
Revenue at the Sydney-based media group fell to AU$2.33 billion from AU$2.5 billion.
Shares in Fairfax fell 5.3 percent to 53.5 AU cents in early trading after the loss was announced.
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