NZME’s cost cutting offsets pandemic impact

Staff reporters
Wed, 24 Feb 2021

NZME's reported full-year earnings rose 3% to $67 million as cost-cutting and the wage subsidy helped the media firm weather a collapse in advertising revenue during the pandemic.In the year ended December, statutory net profit was $14.2m versus a net loss of $165.2 million a year earlier. The prior year was impacted by a $175m impairment. Operating profit was $22m, up 27%. Operating earnings before interest, tax, depreciation and amortisation lifted to $67.3 million, while top-line revenue fell 11% to $331.2m as the pandemic drastically re...

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