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

 


Amplifon NZ reports lower profit in 2013 amid restructure

Amplifon NZ reports lower profit in 2013 amid restructure

By Pam Graham

July 1 (BusinessDesk) – Amplifon NZ, the country’s biggest audiology business, posted a lower profit in 2013 after restructuring its store network in the face of increased competition.

The Italian owned company reported a profit of $6 million in calendar 2013, down from $9.4 million in 2012, according to financial statements lodged with the Companies Office.

Revenue slipped to $58 million from $60 million a year earlier while cost of sales rose to $47.7 million from $28.7 million, reducing gross profit by two-thirds to $10.37 million.

In its 2013 annual report, the Italian parent Amplifon said the New Zealand business, which has about 48 percent of the market, faced stiff competition and weak demand, weighing on revenue. At the same time, profit was eroded at the local unit as it restructured its stores under a single Bay Audiology brand, closing NHC branded outlets.

The group had 86 Bay Audiology stores in 2013, compared to 77 outlets with that brand and 15 NHC brand stores in 2012.

Since then, the Italian parent said New Zealand sales fell 4.8 percent in the first quarter of this year, though the store rationalisation had helped improved earnings.

Amplifon bought Bay Audiology and NHC in 2010 for A$460 million, just a year after NHC itself bought the Bay unit from NZX-listed Abano Healthcare.

Providers of audiology services are expected to perform well as the population ages.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Scoop Business: NZ Net Migration Reaches New Annual Record In June

New Zealand annual net migration rose to a new record in June as arrivals continued to be bolstered by Chinese and Indian students, while fewer locals departed for Australia. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news