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Source: ONE News -
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TVNZ has reported a satisfactory performance for the first half of the financial year, although profit was down 11%.
The after-tax result for the half-year to December 31 2008 was a profit of $18.2 million, down $2.4 million on the same period last year.
Operational earnings (earnings before interest, tax and financial instruments) were $27.7 million, compared with $32.3 million for the same period last year.
The public broadcaster has warned that the impact of the global economic downturn will make conditions tough for the remainder of this fiscal year and into the following one.
Chairman Sir John Anderson said the result was pleasing in the circumstances but said the impact of the global economic downturn was already apparent and, like all other businesses in 2009, TVNZ would face significant constraints due to worsening conditions.
CEO Rick Ellis predicts a difficult second half year following the rapid slide in advertising revenue that has affected New Zealand and international media companies since January.
TVNZ has just completed a $25 million cost reduction plan which includes the loss of approximately 90 jobs.
For more on TVNZ's interim result, CLICK here .
