State-owned Television New Zealand posted an 89% 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.
Advertising revenue fell to $299 million compared with $303.8 million the previous year, although chief executive Kevin Kenrick told BusinessDesk that a falling trend in ad revenues had reversed in the second half of the year.
“What we’ve had is a year o…
Read the full article at: https://www.nbr.co.nz/article/tvnz-full-year-profit-drops-89-disney-contract-writedown-weaker-sales-b-207182
