NZRU announces $20.5 million profit

The New Zealand Rugby Union made a record profit of $20.5 million in the year ending December 2004.

It was $9 million more than the previous year.

The union's annual report was presented at today's annual meeting in Wellington.

Its total revenue was also a record, $104.9 million, compared with $93.6 million in the previous year.

- NZPA