Fairfax narrows full-year loss

Fairfax Media (FXJ) has reaffirmed the performance of its cost-cutting drive, saying it expects the Fairfax of the Future program to deliver $311 million in annualised savings by 2015, after narrowing its full-year loss.

In the year to June 30, Fairfax posted a net loss of $16.4 million, a significant narrowing of the $2.73 billion loss recorded in 2012.

In the same period revenue was $2.03 billion, an 8.2% decline on the $2.21 billion in the previous year and below analyst forecasts for $2.06 billion.

The company said that its net debt at $154.5 million remains within covenant limits.

The group's total dividend for the year was two cents, fully-franked.