Sky Network Igloo service to post FY loss

Company News

Sky Network Television Limited (ASX:SKT, NZE:SKT) has announced that its new free to air and pay-TV Igloo service is expected to post a loss in the 2012 financial year.

The pay television company, listed in New Zealand and Australia, has a 51 per cent interest in Igloo and the remaining interest is held by Television New Zealand.  

Sky’s stake will incur a net loss of about $1.2 million in the current financial year.

In the same period the company expects Igloo to add 50,000 subscribers to its network.

In the 2011 financial year Sky Network Television reported a net profit of $92.89 million.