AUCKLAND - New Zealand's public service (and largest) broadcaster TVNZ reported a fall in advertising revenue of 3.6% to $NZ186.7 million ($112.67m; €93.66m; £64.92m) for the six months to December, compared with record levels a year earlier.
    Increased revenue from TV2 partially offset the reductions from TV One, according to chairman Craig Boyce, who warned that the levelling-off in ad revenue would lead to a tight focus on costs.
    "A reduction in revenue combined with an immensely challenging competitive environment will require us to be on our toes," said Boyce.
    TVNZ reported a net surplus after tax of NZ$23.3 million for the half year, but said the result was not directly comparable to the NZ$30.7 million for the same period a year ago.