State-owned broadcaster Television New Zealand has announced a massive 89% drop in annual profit, due to declining advertising revenue in the recession.
The company made a small profit of $2.1 million for the year to June, compared with $19.4 million for the previous 12 months.
TVNZ chief executive Rick Ellis says the company would have been unable to remain profitable without cutting costs.
Mr Ellis says the year had been one of the most challenging in history for ad-dependent media.
He says company revenues held up well over the first half of the year, but declined sharply as the recession took hold after Christmas, leading to a 5.5% drop to $298.4 million.
TVNZ will pay shareholder the Government a dividend of $1.4 million, down from $10.3 million last year.