Fairfax Media on Monday said the decline in advertising revenue might have bottomed as Australia’s oldest newspaper group reported one of its biggest annual losses since its return to the Australian stock market in the early 1990s.

The group moved from A$523m (US$437m) pre-tax profit last year to a A$351m pre-tax loss after it made impairment and one-off charges totalling A$664m in the year to June 30.