1 Dec 2008

Crown institutes make $22m profit

1:29 pm on 1 December 2008

New Zealand's nine Crown Research Institutes made a profit of $22 million in the year to June.

That was after accounting for the sale of assets, extraordinary items and taxation.

The figure was $3.9 million higher than the previous year.

However, Statistics New Zealand is warning against making a comparison because of the adoption of new accounting rules.