ChannelLife New Zealand logo
Story image

Synnex posts mild revenue drop, but profits increase

03 Aug 2020

Synnex New Zealand’s annual report for the year ended 31 December 2019 indicates revenue of $159.5 million, a drop from $178.9 in the year previous.

Profit after expenses and income tax totalled $327,438 – up from $219,727 in the year previous.

The company spent $149.7 million on goods and consumables in 2019, less than the previous year’s figure of $174.9 million.

Other expenses included employee benefits ($4.02 million, depreciation and amortisation ($1.3 million), freight costs, operating leases, finance, and other expenses.

Depreciation expenses include office equipment, furniture and fittings, computer equipment, motor vehicles and forkhoists, leasehold improvements, and right-of-use assets.  Amortisation includes software.

The company paid out $3.9 million in salaries and wages and $100,868 in pension costs, up from $3.7 million and $92,973 respectively.

Further, the company recorded a loss of $314.94 due to bad and doubtful trade receivables. This is covered under ‘other’ expenses.

The report does not state predicted effects on the company as a result of COVID-19. This will be reflected in the next year’s report.