NZME reports 46% full-year profit drop

NZME chief executive Michael Boggs announced his company's results today. (Image: NZME)

Wed, 21 Feb 2024

New Zealand Media and Entertainment (NZME) has reported a net profit of $12.2 million for 2023, down 46% on the $22.7m recorded in 2022, as a weak advertising market took its toll on the business.The media group behind the NZ Herald, BusinessDesk and Newstalk ZB also blamed low business confidence, inflationary pressures and rising interest rates for the drop in net profit after tax (NPat) for the 12 months to December 31.Earnings before interest, tax, depreciation and amortisation (Ebitda) came in at $56.2m, 13% lower than 2022...

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