The New Zealand rugby union has announced a lower than expected surplus of $366,000 for the year.
The union's CEO Steve Tew says in December they anticipated a higher profit, based on positive currency movements and higher than expected returns from the Bledisloe Cup test in Hong Kong.
However he says the final result was affected by end of year weakening of the British pound, in which the NZRU holds significant reserves.
Tew says they're hoping for a better result this year with tests against Wales and Japan about to be confirmed.
