The New Zealand rugby union has reported a financial turnaround of 19 million dollars from last year's result, returning $9.6 million surplus for the past financial year.
Last year it returned a $9.4 million loss.
The 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.
The foreign exchange gain reflected the reconciliation between agreed payments from tournament organisers to the NZRU and the value of the pound sterling held to meet the NZRU's share of the tournament host fee.
Mr Eagle says its pleasing the costs of hosting the World Cup last year were as expected, with tournament costs contained to meet 2005 forecasts.
The 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.
Tew says they are 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 eight percent and Tew says he expects that figure to fall again this year.