Television New Zealand will pay a sharply reduced dividend to the Government this year, but still insists it is doing well.
While its advertising revenue rose to a record high of $344 million last year, up $9 million, it will pay the Government just $11 million, down from $38 million.
TVNZ chairman Craig Boyce said the results showed TVNZ had performed well. He added: "I'd invite our critics to make sure they read the report and arm themselves with all the facts before jumping to hasty conclusions about our performance."
But National broadcasting spokeswoman Georgina te Heuheu criticised the drop in dividend as it was a fall in the return to taxpayers.
She said: "Worryingly, that massive drop was posted before all the recent publicity about loose contracts, internal strife and golden handshakes."
TVNZ now faces a formal Parliamentary inquiry after the finance and expenditure select committee today decided an investigation was needed.
The network has come under increasing criticism in recent weeks over the resignation of chief executive Ian Fraser, declining news ratings in key demographics and high-profile pay rows with presenters, including Close Up's Susan Wood..
Its annual report, released today, shows that in the year to June 30 the network paid 132 staff more than $100,000, up from 124 the year before.
In all, three employees were paid more than $500,000.
Mr Boyce said TVNZ's result showed it had "delivered financially and in terms of its Charter commitments".
He said there had been record investment in locally-made programmes, with 208 New Zealand programmes commissioned in the year.
"TVNZ has achieved a significant lift in the number of Charter programmes that have been screened," he said.
"We know New Zealanders want to see themselves on air, but it needs to be made absolutely clear that this comes at a cost."
- NZPA
