Television New Zealand (TVNZ) has posted a statutory profit of $16.3 million in the year to June, although the result was largely due to a $34.9 million positive non-cash impairment adjustment.Its underlying result, which excludes the adjustment, was a loss of $18.7 million.Operational earnings (EBIT) amounted to a loss of $23.5 million for the year to June.TVNZ said this had been previously signaled and included $27.6 million of planned strategic investment in products, platforms and capability needed to drive long-term digital growth.Despite the underlying loss, the company announced it would pay the government a dividend of $2.2 million, bringing the total dividend for the year to $3.8 million.TVNZ described the result as positive and said it was taking important steps towards building a stronger, more sustainable digital future through its Digital+ 2030 strategy.Advertising revenue for the year, which makes up the bulk of the company's income, was down 8 percent, although digital revenue grew 16.8 percent year-on-year.Total revenue was also down overall to $262.9 million, following what it said was a challenging first half of the financial year.TVNZ chief executive Jodi O'Donnell said it had been a year of real progress."There's more to do, but we're clear on where we're heading and confident in the path we're taking."Looking ahead, TVNZ said it expects to report a loss in the 2027 years as it completes its two-year investment programme, before returning to profitability in full year 2028."FY27 will be another important year of delivery. We are clear on the investment required and confident the choices we're making now will position TVNZ for a stronger and more sustainable future," O'Donnell said.