Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Apple NZ almost doubles FY profit, pays $2.5 mln tax

Apple NZ almost doubles FY profit, pays $2.5 mln tax, extracts dividend

By Paul McBeth

Feb. 5 (BusinessDesk) - Apple Sales New Zealand, the local unit of the iPad and iPod maker, almost doubled annual profit on largely flat sales, while extracting a dividend that eclipsed earnings.

Net profit jumped to $10.5 million in the 12 months ended Sept. 28, from $5.5 million a year earlier, while sales slipped 1.5 percent to $565.6 million, according to the company’s financial statements lodged with the Companies Office.

The local unit of the world’s biggest tech company paid income tax of $3.9 million in the year, up from $2.5 million in 2012. Apple is one of a number high-profile multinational companies criticised for minimising tax by routing profits through offshore subsidiaries.

The Organisation for Economic Development is discussing measures to clamp down on such arrangements, and Revenue Minister Todd McClay yesterday said New Zealand tax department officials will be participating in the Paris-based talks this week.

Apple NZ’s accounts show the local unit was flush with cash during the year, with cash and equivalents rising to $26.5 million as at Sept. 28 from $4.3 million a year earlier. The company paid a $14.8 million dividend in March last year, its first since the 2010 financial year, when it returned $33 million to its parent.

The bulk of Apple NZ’s revenue went to related parties in the global group. It spent $531.5 million buying inventory from related parties, down from $539.2 million in 2012. Its total cost of sales was $541.4 million, leaving it with a gross margin of 4.1 percent in the 2013 year, slightly wider than the 3.4 percent margin a year earlier.

Apple NZ sold $552.8 million of goods in the 2013 year, down from $561.3 million a year earlier, while service fee income rose to $11.9 million from $9.7 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news