Sky TV has reported its half-year results, revealing a 106% drop in net profit, resulting in a loss of $1.7 million.
The broadcaster said its satellite migration project, along with ongoing economic challenges, has significantly impacted its half-year results.
Here are the key figures for the six months ending in December, compared to the previous year:
- $1.7m net loss vs. $10.9m profit (down 106%)
- $384.8m revenue vs. $385m (down 2%)
- $43.2m underlying profit vs. $60.7m (down 47%)
- $10.9m adjustments to earnings in one-time costs
- Interim dividend of 8.5 cents per share with a full-year forecast of at least 21 cps
“This has been a difficult half year, due to both the interruptions flowing from Project Migrate and the ongoing economic pressures facing businesses and consumers,” Sky TV chief executive Sophie Moloney said in a statement.
Despite this, Moloney said the outlook was more positive, “While there are some one-off factors impacting our results, the fundamentals of our strategy and progress against our priorities remain a cause for optimism.”
“We are seeing positive signs in our revenue growth engines of streaming, advertising, and broadband,” Moloney said.
Sky TV reports that more than 30% of its Sky Box customers have upgraded to the new Sky Box, enhancing their overall customer experience. This upgrade introduces a significant feature: automatic failover to IP during satellite signal interruptions, such as those caused by rain fade.
Sky TV has also announced a new six-year partnership with New Zealand Cricket, starting from the 2026-27 cricket season, which will cover all international matches played by the BLACKCAPS and WHITE FERNS in New Zealand.
“Sport fans across New Zealand love their cricket, and we are delighted to be bringing BLACKCAPS and WHITE FERNS home internationals back to Sky and our valued customers,” Moloney said.
Discussions on the renewal of New Zealand Rugby and SANZAAR rights are also ongoing.