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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news