News: SKT UPDATE 1-NZ's Sky TV posts 31.9 pct drop in half-year profit as competition increases

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WELLINGTON, Feb 22 (Reuters) - New Zealand's Sky Network Television (SKT) on Wednesday announced half-year profits had fallen 31.9 percent as increased competition from online viewing services ate at its revenues.

The subscription television provider posted net profits of NZ$59.4 million ($42.5 million) in the six months to Dec. 31.

Subscriptions and advertising fell as international digital viewing services recently launched in New Zealand, such as Netflix and Amazon Prime , reduced Sky's market share.

"Digital disruption has also brought a massive increase in the supply of additional viewing options for consumers and spending options for advertisers. Yet without much increase in overall demand," said CEO John Fellet in a statement.

Sky TV confirmed its December guidance that earnings before interest, tax, depreciation and amortisation would be 5 to 7 percent below the NZ$296 million forecast for full-year 2017.

The company announced an interim dividend of NZ$0.15, in line with its previous half-year dividend.

The company is waiting this week to hear whether the New Zealand competition regulator will allow it to acquire Vodafone's New Zealand unit, a deal telecommunications company Spark (SPK) is opposing in court.

A court hearing is scheduled for Wednesday on whether Spark can seek a temporary 36-hour halt if the Commerce Commission rules the transaction can go ahead on Thursday. ($1 = 1.3966 New Zealand dollars)