NZME keeps focus on repaying debt over dividend as first-half profit tumbles

Mon, 26 Aug 2019

By Paul McBeth Aug. 27 (BusinessDesk) - NZME's net profit sank 73 percent as the media group's advertising revenue fell faster than it could strip out costs, and the board is still focused on reducing debt over paying dividends. Net profit tumbled to $950,000 in the six months ended June 30 from $3.7 million a year earlier as revenue fell 4 percent to $181.1 million. The bottom line was hit by a $3.1 million redundancy bill, up from $2.1 million a year earlier, and $1.1 million of costs from NZME's exit of the Ratebroker website and hist...

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