28 Mar 2012

TVNZ's half-year profit jumps

11:05 am on 28 March 2012

State-owned broadcaster Television New Zealand has quadrupled its half-year profit.

TVNZ made $19.2 million in the six months to December, up from $4.8 million in the same period a year earlier when it wrote down its investment in media device company TiVO.

Operating revenue fell about 2.5% to $199.7 million, affected by the disruption to normal programming by the 2011 Rugby World Cup and the general election.

A crucial part of its income - advertising - rose 2.5% to $168 million.

TVNZ acting chief executive Rodney Parker says the pace of growth in advertising exceeded the overall market growth, lifting the broadcaster's share.

However, Mr Parker says companies remain hesitant and uncertain about advertising their business in the current economic environment and TVNZ will continue to keep a lid on costs.

TVNZ has lifted its dividend to the Government by two-thirds to $13.8 million.