Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


TVNZ Announces Annual Result

TVNZ released its fiscal year 2003 Annual Report today, detailing record advertising revenues that contributed significantly towards a pleasing Group result.

The Company recorded a net surplus after taxation of $29.1 million, an increase of $9.7 million on the prior year, and with paid or declared dividends totaling $7.8 million.

TVNZ Chairman, Craig Boyce, said that the record level of advertising revenue and the passing of the TVNZ Act had been two landmark events for the organization. Group revenue increased by $14.8 million compared to the same period last year with an operating surplus before tax of $43.7 million, up $15.6 million (55%) on the prior year.

Net surplus after taxation for the television business was $17.9 million, a year on year increase of $12.8 million. Advertising revenue of $305 million exceeded the Company's previous record high in the year 2000 by $9 million.

The Transmission side of the business reported a steady result with transmission related revenues for the year of $114.9 million, in line with the previous year, with a net surplus after taxation of $11.2 million.

During the year, BCL continued its transition phase from a purely traditional analogue broadcast role to a much broader role as a wireless communications service provider as it launched its broadband wireless access strategy while TVNZ (Australia) Pty Ltd continued its strong fiscal performance.

The passing of the TVNZ Act and the implementation of the TVNZ Charter for the television side of the business heralded a new, exciting and challenging era for New Zealand public broadcasting. TVNZ Chief Executive Officer, Ian Fraser, said that TVNZ is well placed to meet its dual remit of maintaining commercial performance while delivering on its Charter objectives.

"Our commercial performance has exceeded expectations throughout the year on the back of record advertising performance and during this period we also took delivery of the long-anticipated TVNZ Charter. The juxtaposition of these events was timely. It reinforced our commitment for TVNZ to meet the needs and expectations of New Zealanders who are proud of what we are doing and keen to support us."

Mr Boyce added: "There are a number of challenges ahead for TVNZ including taking a leadership role in the future of digital television and public service broadcasting in New Zealand. I am confident that we have the people and the expertise to lead us into this exciting new era."

A copy of the Annual Report can be downloaded from the Publications section of the TVNZ website at:

© Scoop Media

Business Headlines | Sci-Tech Headlines


ScoopPro: Helping The Education Sector Get More Out Of Scoop

The ScoopPro professional license includes a suite of useful information tools for professional users of Scoop including some specifically for those in the education sector to make your Scoop experience better. More>>

Big Tax Bill Due: Destiny Church Charities Deregistered

The independent Charities Registration Board has decided to remove Destiny International Trust and Te Hahi o Nga Matamua Holdings Limited from the Charities Register on 20 December 2017 because of the charities’ persistent failure to meet their annual return obligations. More>>

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>


Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>


Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>