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TVNZ has reported a half year unaudited Net Profit after Tax of $19.2 million, an increase of $14.3 million on the prior year.  This increase reflects in part the impact of last financial year's write down of TVNZ's Hybrid investment.

TVNZ's television advertising revenue grew to $168 million.  This represents a rise of 2.3% and puts TVNZ ahead of total television market growth of 1.6% for the same period.

Acting Chief Executive Rodney Parker says this growth in revenue and share gain is a great achievement in a market that remains hesitant and uncertain, but continues to see television advertising as the most efficient and effective means to communicate with customers.  The recently published Advertising Standards Authority figures have recorded television overtaking newspapers as the most widely used advertising medium for calendar 2011.

TVNZ's half year operating result has held at levels comparable to the same period last year, despite some disruption to programming and audiences as a result of the Rugby World Cup and the General Election which followed.

Operating earnings for the six months to December 2011 were $28.7 million, down slightly by $2.4 million on last year's figure.

Mr Parker says the focus on cost management will need to be maintained, but the company is confident about the outlook for the remainder of the financial year.

In programming terms, TVNZ has performed very successfully.

For the opening ceremony of the Rugby World Cup, 1.5 million New Zealanders tuned in to TV ONE as their preferred broadcaster during this event, taking a massive 83% share of the total viewing audience.

The Sunday Theatre series of four quality New Zealand dramas - Tangiwai: a Love Story, Bliss (Katherine Mansfield), Billy (Billy T James) and Rage (1981 Springbok tour) - were local content highlights and exceptionally well received both critically and in terms of viewership.

TV2 performed extremely strongly, finishing the half year by winning its target audience of 18 to 39 year olds for the 38th consecutive month.

And in a record-breaking run ONE News was again recognised as Best News, for the fourth year in a row, at the annual television AFTA awards.

Strategically, TVNZ took a further step in diversification with the announcement of the launch of a new digital platform, branded "Igloo", in a joint venture with SKY TV. 

Mr Parker says the platform will bridge the gap between a full pay TV service and the Free to Air offering and will serve as another encouragement to New Zealanders to make the change to digital television.

Megan Richards
TVNZ Corporate Affairs
021 804 123