NZME’s profit is down by more than half as revenue fell in challenging market conditions, according to reports from Radio NZ and StopPress.
The media company’s net profit for the six months ended June fell 53% to $3.7 million, which included a one-time investment of $3.1m. The underlying profit fell 18 percent to $23.2m
“Our underlying business continues to perform well in challenging market conditions, providing us with the capacity to undertake a number of exciting growth projects while still delivering returns to shareholders in the form of a 2.0 cent fully imputed half-year dividend,” said chair Peter Cullinane.
“Our underlying business continues to perform well in challenging market conditions.”
Revenue fell 3% to $185.7m.
CEO Michael Boggs said the print advertising revenues dropped and were hit by weaker economic conditions.
He said the second half continues to be challenged by softening economic conditions with the potential to weak or delay advertising spending, and would also hit digital advertising.
However, he expected the investment in digital classified services to generate future revenue streams.
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