Toshiba's New Zealand Branch sees profit decline - report
Toshiba's New Zealand Branch has released its latest financial report, showing the company’s profit for the year sits at $173,910, compared to $460,893 in 2021.
The company’s latest report covers the year ended March 31, 2022, and shows revenue from contracts with customers is in a similar position to 2021, growing slightly from $9,257,640 to $9,578,677.
However, the cost of sales has increased by $333,772, leaving the company with a gross profit of $4,295,681, a decrease of $12,735 year-over-year.
Regarding expenses, the company’s New Zealand Branch spent $3,964,968 on sales, general and administration this financial year, compared to $4,176,032 for the same period in 2021.
Further expenses include finance costs, down $7,223 year-over-year at $20,092, and tax, which almost halved this financial year at $45,720, compared to $98,298 in 2021.
According to this latest report, the company has finished the financial year with $3,218,736 in assets, a decrease of $963,503 year-over-year.
The report acknowledges the impact of the COVID-19 pandemic, stating that “[t]he outbreak and the response of Governments in dealing with the pandemic is interfering with general activity levels within the community and the economy.”
The report goes on to state that Toshiba's New Zealand Branch has continued to monitor the situation and its impact on the company’s supply chain, employee availability and customer demand changes.
“However, as at the date these financial statements were authorised, the Company was not aware of any material adverse effects on the financial statements or future results as a result of COVID-19,” the report adds.
While the company cites the effects of the pandemic, when looking at its results for the financial year ended March 31, 2020, on the cusp of COVID-19's full global impact, Toshiba's NZ Branch has fared quite well.
At that time, the company posted NZ$11.2 million in revenue, down $37,000 from its 2019 revenue figure.
After cost of sales, the company reported a gross profit of $4.9 million, an $81,000 increase from 2019.
The company’s expenses included sales, general and administration ($4.8 million), finance costs ($31,129), and tax ($50,082), leaving the company with a $73,845 profit for the year.
PricewaterhouseCoopers conducted an independent audit of Toshiba's New Zealand Branch to gather the results for the latest report.
Some figures in this story have been rounded.