The New Zealand Rugby Union has reported a financial turnaround of $19 million from last year's result, returning a $9.6 million surplus for the past financial year. In 2011, it reported a $9.4 million loss.
NZRU chairman Mike Eagle says the result was largely made up of Rugby World Cup foreign exchange gains of $13.4 million and an operating loss of $3.1 million.
Chief executive Steve Tew says the high New Zealand dollar continues to put pressure on the union's revenue streams, so posting an operating loss of $3.1 million which was in line with their budget and similar to the 2010 figure was a satisfactory result.
Mr Tew says the union is budgeting to break even in the 2012 year.
The NZRU provided $18.6 million in funding to provincial unions and Super Rugby franchises in 2011, similar to levels provided in 2010.
Overall player payments across the 14 provincial unions declined by $1.73 million, or more than 8%.
Mr Tew says he expects that figure to fall again this year.