CORRECT: TVNZ lifts annual profit 25% on flat ad revenue, quits Igloo

Fri, 29 Aug 2014

(Fixes ASA ad percentage movements in 10th graph) By Paul McBeth Aug. 29 (BusinessDesk) - Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. Net profit rose to $18.1 million in the 12 months ended June 30 from $14.4 million a year earlier, beating the $16.8 million surplus forecast in its 2014 statement of intent, the Auckland-based company said in a state...

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