Sky TV continues to focus on cutting costs as profit falls 7.3%

Sophie Moloney and Philip Bowman. (Image: Sky TV)

Thu, 23 Feb 2023

Sky Network Television is continuing to focus on stripping out costs as more expensive programming contributed to a 7.3% decline in first-half profit. The pay-TV and streaming company reported a net profit of $26.2 million in the six months ended Dec 31, down from $28.3m a year earlier, as a 10.8% increase in programming costs to $197.6m more than offset the 1.9% increase in revenue to $397.6m. Earnings before interest, tax, depreciation and amortisation (Ebitda) fell 14% to $73.7m, although the prior period included some one-off gain...

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