RÚV reports 408 million krona loss in first half

Icelandic public broadcaster RÚV recorded a loss of 408 million krona in the first six months of the year, including depreciation and financial items, according to mbl.is.

The figure was reported in minutes from a RÚV board meeting on September 30, published on the broadcaster’s website this week. RÚV made a profit of 103 million krona before financial items, down from 295 million krona in the same period last year.

The finance director said the weaker result had been expected, mainly because income and expenses are distributed differently across the year. Costs for rights and other content purchases, largely related to the FIFA World Cup, were recorded in the first half.

Representatives of the Independence Party on the board expressed renewed concern about RÚV’s financial position. Unnur Brá Konráðsdóttir and Ingvar Smári Birgisson said cost-cutting was needed as soon as possible to restore balance, and asked the director general to provide a memo outlining measures already taken and further options.

The finance director said RÚV’s funding continued to fall short. The minutes state that service revenue has remained almost unchanged for four years. Advertising revenue has declined in real terms, although it increased year on year in nominal terms.

RÚV’s annual operating plan forecasts a better result in the second half of the year, and the broadcaster still aims to end the year in profit.