TVNZ Announces Interim Result

TVNZ Announces Interim Result

TVNZ today announced its FY2004 Interim Result for the period 1 July to 31 December 2003. The organisation recorded a net profit after taxation of $27.6 million for the period, an increase of $4.7 million year on year.

The Television business contributed a net profit after taxation of $20.4 million, an increase of $1.9 million, and the Transmission business generated a net profit after taxation of $7.2 million, an increase of $2.8 million on the prior year.

Television total revenue was $226.9 million - up from $212.5 million - with advertising revenue up 13% for the same period to $185.8 million.

The total revenue for the Transmission business was $60.2 million, up from $55.3 million on the prior year.

Chairman Craig Boyce said the increased surplus for the period was testament to TVNZ's success in maintaining its commercial performance while delivering on its Charter remit.

"The high levels of growth experienced were largely driven by buoyant economic conditions and specific events. In October and November TVNZ revenue increased by 22% mainly due to Rugby World Cup coverage," he said.

"The adoption of the Charter is changing the vision and focus of TVNZ, New Zealand's public television broadcaster, as we embrace its philosophy and requirements.

"A year on and as the Interim Result shows, we have a good sense of our drivers, direction and destination and we are making significant progress on reaching our primary objectives and fulfilling our dual responsibility."

The 2004 Interim Report can be downloaded at: http://corporate.tvnz.co.nz/tvnz_detail/0,2406,181095-243-288,00.html

http://www.tvnz.co.nz/links/interim2004.pdf

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