AUCKLAND: Lower advertising revenues have forced New Zealand satellite TV provider Sky Network Television to cut profit forecasts by up to 17%. The News Corporation-controlled company also cites the cost of promoting Prime, a free-to-air channel it bought in February 2006, and a slow-down in the installation of MySky DVR recorders.
Last August the broadcaster forecast full year profit at between NZ$80 million ($56m; €42.7m; £28.7m) and NZ$90 million. It now believes the figure will be between NZ$75m and NZ$80m. Predicted ad sales are down 4% for the calendar year.
The company reports a 23% rise in net profit to NZ$36.5m for the six months to the end of December. Total revenue increased by NZ$37.3m, or 14%, to NZ$303.4m, compared with the same period the previous year.
Data sourced from nzherald.co.nz; additional content by WARC staff