TVNZ full-year profit drops 89% on Disney contract writedown, weaker sales

Thu, 31 Aug 2017

By Pattrick Smellie Aug. 31 (BusinessDesk) - State-owned Television New Zealand posted an 89 percent drop in full-year profit after taking a $12.4 million writedown on the value of an "onerous" contract for content from the Disney studio and some $4.5 million of restructuring costs. Profit fell to $1.39 million in the year ended June 30 from $12.7 million a year earlier, the Auckland-based broadcaster said. Sales fell 2.5 to $316.5 million while operating expenses, excluding the Disney cost, were little changed at $286.7 million. Adver...

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