TVNZ profit leaps
Television New Zealand has posted a 47 percent rise in its interim profit.
But the state-owned broadcaster decided to write off the $4 million book value of its remaining stake in Igloo because of "uncertainty over the timing of future profits".
It originally invested $12.3m in the discount pay-television joint venture with Sky Television.
Chief executive Kevin Kenrick said TVNZ's $20.8m profit for the second half of 2013 was "encouraging" and had been fuelled by increased advertising revenue and a 10 per cent reduction in non-programming costs.
Revenues grew 3 per cent thanks to a 2.4 per cent rise in television advertising revenue to $171.5m and a 23.3 per cent jump in revenues from its internet arm, which brought in $6m.
Excluding gains on the sale of property, operating earnings rose 40 per cent to $30.1m.
"One of the real success stories for this period has been the performance of TVNZ Ondemand – which is a huge hit with both our viewers and advertisers," Kenrick said.
"Total streams for the half year are up 88 per cent."
TVNZ expected to achieve or exceed the financial forecasts it had set out in its annual statement of intent, he said.
- Fairfax Media