KEY POINTS:
Fairfax Media chief executive Brian McCarthy says the company is "leaving its options open" in relation to further job cuts, and that it is not planning an equity raising.
Speaking after the Australian media company revealed a first-half net loss of A$365.3 million ($462.5 million), McCarthy said
he could not rule out further job cuts.
"That's a matter to talk to our staff about if we get to that point," McCarthy said.
"But having said that, it would be improper of me to sit here and say emphatically there will be no more job cuts in this company.
"I don't think any chief executive is in a position to say that, no matter what company it is. But there's no current plan to have a corporate wide redundancy programme like that carried out last August."
Fairfax, which publishes big newspapers such as the Age and the Sydney Morning Herald, last August announced plans to cut about 550 employees in Australia and New Zealand.
Asked if Fairfax was preparing to announce a new strategy for the business, McCarthy said he first had to finalise the senior management team.
"The important thing is to firstly get the senior management leadership team finalised and I'm spending a lot of time wrapping that up.
"Once we get the team in place the operational directions in each business will flow from that."
Fairfax's former chief executive David Kirk resigned from the company on December 5.
McCarthy also said the company was not planning any major acquisitions or further divestment of assets.
"We certainly aren't focused on acquisitions... even though the prices are low. We're not focused on selling businesses either."
McCarthy said the company was not planning an equity raising but would keep the matter under review.
"On February 4 of this year in answer to a query from the Australian Securities Exchange, Fairfax made the statement - the company sees no present need to raise equity and there has been no decision to do so, however the directors are keeping and would continue to keep this matter under constant review," he said, citing the group's statement on that day.
Fairfax yesterday reported a net loss for the six months ended December 28 of A$365.27 million, compared with a profit of A$195.97 million in the previous corresponding period.
The result was impacted by impairment charges and significant items, including a A$447.5 million writedown on the carrying values of its mastheads, licences and goodwill across its media properties.
Its first-half underlying net profit was A$157.61 million, down 23 per cent from A$204.61 million.
- AAP