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Sky Network Slumps on 2013 Earnings Forecast: Wellington Mover

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Aug. 24 (Bloomberg) -- Sky Network Television Ltd., New Zealand’s biggest pay television company, fell the most in three months after saying that profit in this fiscal year will be lower than analysts expect.

Net income will be NZ$120 million ($97 million) to NZ$125 million in the year ending June 30, 2013, from NZ$122.8 million a year earlier, the Auckland-based company said in a statement. The average analyst forecast was NZ$138 million, it said. The stock fell 4.8 percent, its biggest decline since May 16.

The forecast was less than analysts’ “possibly” because of the costs of Olympics coverage and its delayed Igloo service, a cheaper product it’s developing with Television New Zealand, Sky said in a presentation about its full-year results.

Sky shares fell 25 cents to NZ$5.00 as at the 5 p.m. market close in Wellington.

Sky, 44 percent owned by Rupert Murdoch’s News Corp., said profit rose 2.2 percent in the year ended June 30 after higher expenses incurred during the Rugby World Cup were offset by an increase in customer numbers and revenue.

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net

To contact the editor responsible for this story: Chris Bourke at cbourke4@bloomberg.net

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