(Reuters) - New Zealand's Sky Network Television reported a 19.7 percent fall in its half-year net profit on Wednesday, hurt by increased competition from online media platforms that resulted in fewer paid television subscribers.
Net profit for the six months ended Dec. 31, the first half of the company's financial year, was NZ$53.4 million ($36.7 million) compared to NZ$66.6 million a year ago.
The Auckland-based firm had 750,321 total subscribers as of Dec. 31, down about 4 percent from a year earlier.
Satellite and cable television viewership has been declining in New Zealand as more customers opt for online media platforms such as Netflix and Amazon, which offer viewers exclusive and on-demand content.
Sky Television's satellite subscription revenue, the largest contributor to its top line, dropped about 10 percent to NZ$322 million, while advertising revenue fell 13 percent.
Revenue slipped 8.4 percent during the half-year to NZ$403 million, the company said in a statement. It announced an interim dividend of 7.5 cents per share, the same as last year.
(Reporting by Mensholong Lepcha; Editing by Edmund Blair and Frances Kerry)
