Australian Financial Review to print in NZ

By PAM GRAHAM

Fairfax Holdings of Australia will print its Australian Financial Review daily newspaper in Auckland from October 21, a move that will allow it to sell same-day copies in Auckland and Wellington.

The New Zealand edition, which will sell for $3 compared with A$2.20 ($2.55) in Australia, will be identical to the Australian version and will be counted in Australian circulation audits. The newspaper has a circulation of about 90,000.

The company, which once owned the National Business Review, last month reported a 58 per cent fall in net income to A$128.1 million in the year to June 30.

Its group trading profit before interest, tax, depreciation and write-offs fell 25 per cent to $230.4 million.

Chief executive Fred Hilmer said revenue initiatives and cost reductions would counter the worst advertising market in Australia in a decade.

Fairfax shares fell to a 52-week low yesterday of A$2.92.

Matthew Horton, chief executive of Horton Media, said his company would print the newspaper.

Michael Gill, editor-in-chief of Fairfax Business Media, said the company would employ journalists here.