Pubcaster's profits up 50%

AUCKLAND — Increased ratings have resulted in increased profits for Kiwi pubcaster TVNZ.

Net profit after tax, at $23.7 million, was up from the previous year’s result of $15.8 million and represented a net profit after-tax return on revenue of more than 10%. The web’s dividend to the New Zealand government was $16.6 million and, although the company found the advertising market still relatively flat, its two channels increased audience share to just over 70%.

Chairwoman Roseanne Meo said the result was a “clear indication of improving inhouse efficiencies.” She added that it left the company in an excellent position to take full advantage of any improvement in the economy and the advertising market.

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