Feb 20, 2014

Media briefs: Fairfax results … Stuch v Mitchell hots up …

Fairfax profits are up! No, wait, theyr'e down! Well, it depends how you count the numbers. Plus other media tidbits of the day.

Choose your own adventure with Fairfax. The Sydney Morning Herald will tell you that Fairfax posted a “jump in profit this morning”, while The Australian insists Fairfax Media’s earnings have halved. Which is it? Well, both. It depends on whether you’re looking at statutory or underlying profits.

Underlying profits — which rose 12% for Fairfax in the half year to December 2013, are profits where one-off charges and infrequent events are stripped out, while statutory profits are simply what’s left after you take your costs out of your revenues. If you go by underlying profit, Fairfax had a great half — it’s profits are up for the first time since 2010. Statutory profits aren’t quite as rosy. The net profit figure was down almost 50% — $194 million this most recent half, compared to $386 million a year ago. Mind you, in December 2012, Fairfax sold Trade Me for a hefty profit, leading to its  statutory profit being quite high that year. News Corp’s report has compared the statutory figure last year to this year.

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4 thoughts on “Media briefs: Fairfax results … Stuch v Mitchell hots up …

  1. klewso

    You’d think Mitchell never read his own paper – who could blame him?

  2. Richard

    Is Chris Mitchell ok?

  3. Electric Lardyland

    Oh, I don’t know, klewso, maybe they get paid a bonus if they actually read what they publish?

  4. Will

    Mitchell calling anything undergraduate is risible given his conspiratorial mindset and famous glass jaw which regularly results in an orgy of ink-foamed overreaction to the smallest perceived slights. The guy is a textbook little emperor.

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