TVNZ first half profit drops 36% as ad revenue, govt funding dip

Tue, 01 Mar 2016

By Paul McBeth March 1 (BusinessDesk) - Television New Zealand posted a 36 percent drop in first-half profit as a slowing advertising market and reduced government funding ate into revenue, as the state-owned broadcaster built up its content library with a jump in programme commitments. Net profit fell to $12.7 million in the six months ended Dec. 31, from $19.8 million a year earlier, the Auckland-based company said in a statement. Advertising revenue fell 2.1 percent to $168.1 million, a smaller decline than total revenue which was dow...

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