Kordia Group Ltd, the state owned broadcast and telecommunications firm reported a net loss of $1.1 million led by increase in restructuring costs. However, Kordia Chief Executive Geoff Hunt expressed satisfaction over the results adding that it reflects firm's commitment for making high capital investments.

Kordia has made entry in new domains like telecommunications, media and technology sector during the period investing around $167.2m for increasing its penetration in these domains besides paying a dividend of $26.0m its state shareholders.

Hunt informed further that it has been weighing all options for taking a new NZ$200 million Optikor fibre-optic cable from Auckland to Sydney, talks for which are still undergoing. He added, "What is compelling about the Optikor trans-Tasman cable initiative is the fact that Kordia's project development work has provided a catalyst for real competition in the wholesale international bandwidth market."

Currently New Zealand has only a single submarine cable provider- the Southern Cross Cable Network in which Telecom, SingtelOptus and Verizon Business holds 50 per cent, 40 per cent and 10 per cent shares respectively. Kordia chairman David Clarke informed that all directors are happy over the progress of Optikor as the cable would reduce the structural limitations of New Zealand's existing cable link besides handsome providing revenue.