TV New Zealand Posts 15.5% H1 Profits Sag

30 March 2007

AUCKLAND: New Zealand state-owned broadcaster TVNZ this week announced a 15.5% fall in first-half net profit, signalling the likelihood of an equally poor second half. The slide is attributed to falling ratings and a concomitant drop in advertising income.

Net profit for the six months to December fell to $NZ19.7 million (US$10.05m; €10.5m; £7.14m) - down year-on-year from $NZ23.3m.

The company also warned of up to 160 redundancies among its 1000-strong staff, with the axe expected to fall particularly heavily on news-gathering teams.

Ceo Rick Ellis also announced a "structural transformation" - details of which were not revealed.

Data sourced from Sydney Morning Herald; additional content by WARC staff