TVNZ annual profit sinks 55%; resumes full dividend payment

Fri, 26 Aug 2016

By Paul McBeth Aug. 26 (BusinessDesk) - Television New Zealand reported a 55 percent fall in annual profit as it booked losses from foreign exchange markets and faced declining revenue. Still, it resumed full dividend payments as it nears the end of refurbishing its Auckland headquarters, paying out more than it earned in the year. Net profit fell to $12.7 million in the 12 months ended June 30 from $28.1 million a year earlier, the state-owned free-to-air broadcaster said in a statement. Excluding a $4.8 million foreign exchange loss, e...

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