Friday, October 29, 2004
Australia: Fairfax newspaper forecast bright
Forbes repors that the Australian newspaper publisher John Fairfax Holdings Ltd. "expects profit for the first half of this fiscal year to grow between 12 percent and 15 percent." This bright forecast is due to increased earnings stemming from new newspaper acquisitions in New Zealand; as well as good performance of their Australian Financial Review, Sydney Morning Herald and Age newspapers. Forbes informs further that "the company's net profit for the year ended June 30 was 276 million Australian dollars (US$195 million; euro 161 million), up from A$125.5 million a year earlier."
Their success has also been stimulated by the prospect of relaxed media laws as prime Minister John Howard is now controlling both upper and lower house of the federal parliament.
Dow Jones relates: "Fairfax Chairman Dean Wills said the reforms will provide the company an "opportunity to pursue new options for growth." Further Wills told shareholders at the group's annual meeting in Sydney, "as a leading newspaper publisher, with vigorous businesses in Australia and New Zealand, we believe Fairfax is well placed strategically to participate in new opportunities that may be afforded by changes to the media ownership laws."
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