25 Mar 2014

NZ Rugby reports $2.9m profit

12:22 pm on 25 March 2014

New Zealand Rugby made a net profit of $2.9 million for the 2013 calendar year, its second consecutive annual profit.

The organisation says the result was well ahead of its $790,000 budget but is down from the previous year's profit of $3.2 million.

The 2012 profit was the first since 2008.

New Zealand Rugby says income rose by $10 million in the latest year to $117 million while costs rose by 11 million to 114 million.

Chief executive Steve Tew said it was a strong year commercially, the first with the organisation's new major global sponsor, the insurance company, AIG.

New Zealand Rugby has cash reserves of $63.7 million, up from just below $52 million a year earlier.

Mr Tew said it is very satisfying to have strengthened the organisation's financial position.

Provincial unions also improved with a combined surplus of $3.3 million for the year, up from $620,00 in 2012.