SKY TV has posted a record loss of $240 million after writing down the value of the company by $360m.
Its underlying profit of $116.3m was up 2.6 percent but the company decided to reduce the 'goodwill' in the company from $1.43b to $1.03b.
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Chief Executive John Fellett said the results are pleasing.
"SKY is building up a strong suite of online products to meet the needs of all New Zealanders, both now and in the future, while continuing to deliver to our core customer base, particularly those who don't yet have access to fast internet, " he said.
SKY TV seems to be reducing its loss of subscribers. In the six months to December 2017, 46,000 customers cancelled their subscriptions where as 11,000 left in the last six months.
SKY TV has had to make some major changes in its online delivery and the price of its starter package, which earlier this year was slashed to $24.91.
Mr Fellett says this has helped stem customers leaving.
"While it is too early to assess the full impact, the pricing and packaging changes in March 2018 have contributed to this improvement in churn."
Shareholders will receive a full year dividend of 15 cents per share as compared to last year's dividend of 27 cents per share.