Media giant NZME has reported a drop in net after-tax profit of $12.2 million dollars.

The company behind the New Zealand Herald and Newstalk ZB has blamed declining business confidence, inflation, and increased interest rates on their reduced earnings.

CEO Michael Boggs says they're hoping for a better financial year in 2024.

"We're seeing really good green shoots so far in January and February, we're seeing our revenue up year on year- in fact, the property market's obviously significantly high right at the moment."

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