Rugby-New Zealand Rugby announce profit for first time since 2017

WELLINGTON (Reuters) - New Zealand Rugby (NZR) announced a NZ$5.5 million ($3.59 million) net profit for 2021 financial year at its annual general meeting (AGM) on Thursday, bringing an end to three successive years of losses.

The profit came despite New Zealand's aggressive approach to containing the COVID-19 virus, which had a severe impact on NZR's ability to stage matches in front of crowds and led to the postponement of the country's hosting of the women's World Cup.

It came on the back of a rise in revenues from NZ$139 million to NZ$189 million largely as a result of increases in broadcast and sponsorship income.

"We should reflect on 2021 with a sense of pride as we emerge from a tough period on sound financial footing, and with some key building blocks in place as we move into a crucial period for the game," NZR Chair Stewart Mitchell said in a statement.

"Our people have worked incredibly hard to weather the COVID storm and their ability to adapt and be agile as we look to reimagine rugby has been inspiring."

The AGM did not vote on the deal to sell a minority stake in NZR's commercial business to U.S. private equity firm Silver Lake for NZ$200 million, which needs to be ratified by a majority of New Zealand's 26 provincial rugby unions.

The path was cleared for the deal to go through when NZR struck a deal with the players' union in February but the provincial unions have requested more time to study the detail.

($1 = 1.5312 New Zealand dollars)

(Reporting by Nick Mulvenney in Sydney, editing by Peter Rutherford)