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Sky Network predicts NZ$88m profit for FY10

Sky Network predicts NZ$88m profit for FY10

Satellite television operator Sky Network (ASX:SKT) has increased its net profit 19.1% to NZ$50.8 million ($39.62 million) in 1H10.

The company stated that analysts’ estimates of its full year profit outlook were within its expected range. The mean number given by analysts is a profit of NZ$88 million.

But it warned it was operating within the most depressed television advertising market ever seen within New Zealand, and that it was gaining subscribers at a relatively low rate.

SKT shares are trading unchanged at $3.65.

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