Fairfax reiterates FY guidance

Media group still expects $1.6bn loss, flags further cost-cutting ahead.

Fairfax Media (FXJ) has reiterated its expectation of a massive loss in fiscal 2014 as advertising revenue continues to slide.

At its annual general meeting today, Fairfax chief executive officer Greg Hywood said the group still expected a $1.6 billion loss in the financial year, with revenue for the year to date down 6% on the previous year.

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