Pay-television broadcaster Sky New Zealand has posted an 11 per cent increase in its net profit for the year ending June 30, despite making a net loss on its coverage of the London 2012 Olympic Games.
Sky NZ registered a net profit of NZ$137.2m (€82.1m/$107.2m) after tax, up from NZ$123.7m in comparison with the corresponding period the previous year.
Revenue increased by five per cent to NZ$885m and chief executive John Fellet predominantly credited the figures to up-selling to existing customers rather than bringing in new customers.
Fellet said that its coverage of the Olympics had generated “high production costs and lower than expected advertising revenue.”