Profit

TVNZ doubles profit and repays $4.9m in wage subsidies

Revenues slipped $3m to $175m due to a drop in advertising.

But the state-owned broadcaster said it experienced “positive audience and revenue momentum” in the final quarter of last year which had continued into the new year.

Because of that, it expected to “significantly exceed” its financial forecasts for the full year to the end of June.

The company’s profit was up from just under $16m in the same period in 2019, thanks to a $33m drop in costs, almost three-quarters of which was attributable to lower spending on content because of Covid.