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

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news