Blue Star figures show struggle continues

 

Overall the trans-tasman operation suffered a 4.4 per cent or $13m slide in sales revenue, which for that six month period was $280.3m, down from the $293.3m achieved in the corresponding period last year.

However the company’s report highlighted the fact that all of that loss and more came from the Australian print division, which tumbled by $16.6m to $117.2m from the $133.8m achieved in the six months to December 2010.

The report attributed the ‘disappointing’ figures to general conditions saying, “the headwinds affecting the industry have been such that earnings fell short of expectations.” It went on to say that the declining market was ‘due to changing customer spending patterns and depressed economic conditions, particularly in Australia.” It also said that things got worse as the year went on.

Blue Star’s operating loss for the first half more than doubled to $15.6m from $6.3m, while earnings before tax and interest fell by 20 per cent to $20.7m.

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