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

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news