Panasonic NZ bounds back after significant loss

Panasonic New Zealand Limited's financial statements for the year ended 31 March 2014 show the company is once again making a profit, albeit a moderate one.

In 2013, Panasonic made a loss of $4,221,000. However, in 2014 Panasonic made a total profit for the year of $7,000.

The company's total revenue for the 2014 financial year was $159,299,000. In 2013 this figure was $169,385,000.

Total assets also remained about the same. For the year ended 31 March 2014 assets totalled $40,058,000 and in 2013 they totalled $41,050,000.

On the flip side, total liabilities for 2014 were $21,255,000, which is down from the 2013 figure which was $22,254,000.

Net assets remained almost exactly the same - in 2014 it was $18,803,000 and in 2013 it was $18,796,000.

The company is a wholly owned subsidiary of Panasonic Australia Pty Limited and the ultimate parent company is Panasonic Corporation Limited, based in Japan.

Over the financial year, Panasonic New Zealand paid support and fees to related parties a total of $7,555,000 in 2014 and $7,771,000 in 2013.