Challenges for Fairfax.

Oct 12, 2003 (The New Investor - ABIX via COMTEX)

The fortunes of Australian publishing group John Fairfax Holdings depend on those of the advertising market. At the moment advertising prospects are looking up, and Fairfax should benefit. Its currently hard-hit financial press should particularly benefit from an economic recovery. Analysts are projecting an increase of 30% in the company's net profit for 2003-04. However, the longer-term outlook for the stock is less certain, as the Internet is likely to inflict some damage on its print-based business model, especially when it comes to the profitable classified advertising revenue stream. Both Publishing & Broadcasting and News Limited have launched initiatives in this area. Fairfax is also likely to come under pressure from changes to the way circulation is audited, with freely distributed copies no longer allowed as part of the core audit.

Publication Date: October 2003

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