Sky Network Television Ltd ( (SYKWF) ) has released its Q2 earnings. Here is a breakdown of the information Sky Network Television Ltd presented to its investors.
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Sky Network Television Ltd, a leading provider of sports and entertainment media services in New Zealand, has been navigating a challenging financial year, primarily focusing on its satellite migration and the renewal of New Zealand Rugby rights. The company’s interim financial results indicate a net loss of $1.7 million, largely due to one-off expenses related to the satellite migration project, although adjusted figures show a net profit of $10.9 million. This migration, necessary due to Optus’s decision to take the D2 satellite out of service, has caused signal strength issues affecting customer service, although recent technical adjustments have improved the situation. Concurrently, Sky is negotiating the renewal of its broadcasting rights with New Zealand Rugby, with discussions delayed due to governance changes at NZR. Despite these hurdles, Sky has maintained a strong balance sheet, with an undrawn bank facility of $100 million, and has increased its interim dividend by 21% year-over-year. Looking forward, Sky aims to complete the satellite transition by early April, and management remains optimistic about stronger financial performance in the second half of FY25, anticipating economic recovery and further strategic growth opportunities.
