News Ltd has posted a loss of $476.7 million for the financial year ending June 30, a blow out by more than 50 per cent from the year before as revenue slumped and on the back of another major write-down.
Revenue declined to $2.6 billion, with operating income decreasing by 23.5 per cent to $493.6 million as "advertising revenues declined during the fiscal year driven by negative consumer sentiment", News Ltd accounts filed with the Australian Securities & Investments Commission show.
The company recorded impairment charges of $731.7 million, adding to a total of more than $1.4 billion over the past two financial years. Last financial year, New Ltd reported a loss of $300.4 million.
The latest impairment charge was mostly in relation to publishing mastheads and titles, according to the financial statement, which was received by ASIC on October 31.
It said the charges reflected "lower future forecast earnings for these businesses and uncertainties surrounding the timing of future digital revenue streams".