NZ's Sky Network slides as profit tumbles

Sky Network Television

23/02/2022 23:29

** Shares of NZ's broadcaster Sky Network Television Ltd
 SKT.NZ  shed as much as 7.1% to NZ$2.50, their worst session
since Sept. 10, 2020, if losses hold
    ** Reports a 29% fall in half-yearly net profit after tax to
NZ$28.3 million  urn:newsml:reuters.com:*:nASX605XVD 
    ** Attributes performance to operating costs increasing 18%
to NZ$287.2 mln, from increased payments for renewed content
rights
    ** Says it expects to resume paying dividends, with a final
dividend in September, to adopt a formal dividend policy of
distributing between 50% to 80% of free cash flow 
    ** SKT largely flat so far this year, as of last close 
    


 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))