31 Aug 2015

Kordia back to profit, considers special dividend

8:20 am on 31 August 2015

State-owned Kordia has returned to profit and is considering paying the Government a special dividend soon.

The Australasian broadcast and telecommunications company made $9.2 million in the year to June, compared with the previous year's $8.6 million loss.

Revenue fell 18 percent to $248 million, but operating earnings tripled to $38 million.

Kordia chair Lorraine Witten said the company has focused on profitable business and protecting its gross margin in New Zealand and Australia.

She said Kordia would not pay a dividend for the June 2015 year, but would this financial year and is considering a special dividend in the near future.

The company also cut its net debt by 80 percent to $12.5 million.