On 3 May, FXJ warned that full year operating earnings are expected to be 6.1% lower than the prior year.
FXJ anticipates FY11 EBITDA to be $600 million, down from FY10’s $639.1 million.
The group said second half revenue was down 4.5% so far amid lower advertising levels, whilst operational costs were tracking higher due to the development of new iPad applications.
A stronger Australian dollar was also weighing on earnings, in addition to the poor cyclical trading conditions.
Fairfax was one of the market’s shares to sell on the day of the update, sinking 8%.