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TVNZ interim results show net profit is up by a third

Television New Zealand has posted its interim financial result, showing net profit is up by a third on the same period last year.

Chief Executive Kevin Kenrick said increased advertising revenue and lower operational expenses after restructuring last year had contributed to the result.

EBITDAF was $30.2 million, up $4.5 million (17.4 per cent) on the same period last year, and total revenue was $170.4 million, up $1.6m (1 per cent).

The interim after tax net profit was $17.2 million - up $4.3 million (33.7 per cent) - and operational expenses have decreased $2.8 million to $140.1 million (2 per cent).

"In recent years TVNZ has focused on growing digital revenue to offset TV revenue declines," Mr Kenrick said.

"Against this back drop, it's encouraging for the business to achieve year on year growth in both TV and digital advertising revenue for the half year."

TVNZ screened 18 of the 20 most watched programmes in the six months to December 31, with the 1 NEWS Vote 2017 Leaders Debate the most-watched of those.

Mr Kenrick added that TVNZ's new social media news channel Re: had surpassed all expectation, racking up 15 million video views on Facebook.

"TVNZ plans to build on its current business momentum by growing its share of TV, accelerating growth of OnDemand and is actively exploring adjacent market opportunities to fund its future growth," Mr Kenrick said.

The TVNZ board has declared that a dividend of $9 million will be paid for the previous financial year.

Television New Zealand (TVNZ) headquarters on Victoria Street in Auckland.
Television New Zealand (TVNZ) headquarters on Victoria Street in Auckland. Source: Luke Appleby/1 NEWS