TVNZ profit falls by 78% amid slow ad market

TVNZ acting chief executive Brent McAnulty says it was a challenging year. (Image: TVNZ)

Fri, 27 Oct 2023

TVNZ’s net profit plummeted by 78% in the year to June 30 as a weak advertising market took its toll on the public broadcaster.The state-owned television group’s net profit after tax fell to $1.7 million in the last financial year, down from $7.9m in 2022.A tough year saw earnings before interest, tax, depreciation, amortisation, and fair value adjustments (Ebitdaf) fall to $14.07m from $26.09m the year before.The slowdown in the advertising market was the major factor in the earnings decline, with ad revenue dropping from $321...

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