Television New Zealand 1st-half profit drops 5% on weaker ad revenue

Mon, 02 Mar 2015

By Jonathan Underhill March 2 (BusinessDesk) - Television New Zealand, the state-owned broadcaster, posted a drop in first-half profit of about 5 percent as advertising revenue weakened and costs rose. Profit fell to $19.8 million in the six months ended Dec. 31, from 20.8 million a year earlier, the Auckland-based company said in a statement. Advertising sales, which make up 88 percent of the TV company's operating revenue, fell to $171.9 million from $177 million. Total sales dropped 3 percent to $195.6 million, while operating expen...

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