30 Aug 2013

Australian operations boost Kordia profit

7:42 pm on 30 August 2013

State-owned telecommunications and media company Kordia's annual net profit has jumped, boosted by its Australian operations.

The company's net profit rose 46% to nearly $11 million in the 12 months to the end of June.

It sold its retail broadband arm, Orcon, for an undisclosed amount during the year, despite concerns that this would help offset the revenue Kordia will lose with the closure of the analogue TV network.

Kordia chair David Clarke said the company had been working on mitigating that loss for several years.

"One is, of course, productivity gains, generating more cash from existing assets," he said.

"The second thing is making sure that we've got the right asset base."

Kordia has declared a final dividend of $4 million, bringing the total paid to the Government to $5 million.