Fairfax racks up $63.8m loss, but CEO says business is now in ‘good shape’
Fairfax brought in revenue of $1.688bn during the 2018 financial year, a 3.1% drop from the prior corresponding period, the company’s statutory results revealed today. The results also showed a net loss after tax of $63.8m, compared to a net profit of $83.9m last year.
CEO Greg Hywood, however, said the company’s underlying results – which exclude significant items – show the company’s strong position after “big decisions”, addressing “legacy cost issues” and “structural change”.
Fairfax has delivered good cost outcomes, says Hywood
Its not a good sign when the CEO of a news organisation cant even tell the truth about his own company!
Yet again, revenues across all divisions (except Domain and Stan which Fairfax doesn’t actually manage) are going backwards. It’s only because costs are coming out faster that they’re keeping head above the water. This can’t go on forever — you can’t keep cutting costs out of the company. Not without killing it.
who are the board of directors of this shambles? no doubt they’ll get rewarded with a decent premium on their shares when the sale goes through but they need to be held accountable
Very hard to take Hywood seriously, given his actions over many years. Always scripted. Always angry.
Can you imagine a small business owner behaving like these dinosaurs on the board at Fairfax? A small business owner would become bankrupt. These chancers just lay off hundreds of staff and picket yet another bonus. It is truly mental! I would love to stare Hywood in the face and ask him: ‘Are you mental!?’ Must be?
Mentalists aside, the writing has always been on the wall for Fairfax; not one computer scientist on the board – therein lieth the problem. It’s 2018 and the business model is still 1950’s. Like the bankers, a good proportion of the ‘suits’ involved with this shameless and p1ss poor leadership belong behind bars. They certainly should not be steering a large business, (they evidently cannot navigate through the chop…).