31 May 2010

TVNZ forecasts small profit - to its own surprise

6:00 am on 31 May 2010

The state-owned broadcaster Television New Zealand is now forecasting a small profit for the year to June.

An interim report for the six months to the end of December predicted difficult trading. Chief executive Rick Ellis says TVNZ was then in its sixth quarter of year-on-year decline, and the market looked very bleak.

But advertising sales picked up in March, he says, and the company will now declare an operating profit for the year to June.

TVNZ is celebrating 50 years of television broadcasting in New Zealand, but is facing the challenge of multiple channels and the internet.