The pay TV released its full year results this today, which showed a net profit of over $116.3 million, down from $147.1 million in the prior year.
Chief executive John Fellet, in the announcement, immediately pointed to Sky's failed attempt to merge with Vodafone New Zealand, which was rejected by the Commerce Commission earlier this year.
"I will not waste time lamenting over what I think was a flawed decision by the Commerce Commission," he said, adding that attempting to appeal the decision would be "torturous".
"However, as time went by it became apparent that we could action many of the opportunities and synergies through commercial agreements without the escalating costs of a merger.
"Some of these are in the market now, and you will see further proof points of the closer working relationship in the foreseeable future."
Sky's total revenue decreased to $893.5 million from $928.2 million on the same period last year.
The company's total subscriber base dropped from 852,679 in June 2016 to 824,782 this year.
Its revenue decline resulted from a 1.9% decrease in residential digital Sky earnings ($157.2 million from $160.3 million in 2016), a 4.2% decrease from MySky ($567.9 million down from $592.8 million) and 3.7% decrease in "other" subscription revenue ($82.2 million to $79.3 million).
Advertising revenue dropped 8% and "installation and other revenue" was down 17%.
Mr Fellet said despite the internet opening numerous new business models for accessing content, traditional linear viewing was still the most dominant way people watched television and would remain so for some years.
