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TVNZ first-half profit triples

New Zealand state broadcaster TVNZ has more than tripled its first-half profit for the six-month period ended 31 December 2011, rapidtvnews reports.

Net profit for the period was NZ$19.2 million ($US15.7million), compared with NZ$4.9million ($US4 million) the previous year, when the broadcaster took an impairment charge on its TiVo joint venture, the company said in a statement.

TVNZ’s earnings before interest, financial instruments, associate results/impairments and tax fell 7.7 percent after programming costs rose more than revenue growth. The broadcaster grew its television advertising by 2.3 percent in the period, making up about 91percent of operating revenue.

Acting chief executive Rodney Parker said: “This revenue growth and share gain is a great achievement in a market that remains hesitant and uncertain, but continues to see television advertising as the most efficient and effective means for broadcasters to communicate with their customers.