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

 

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