Restructuring Microsoft NZ reports increased profitsMay 5 - 11am
The New Zealand subsidiary of Microsoft has seen continued growth in revenue and profits during the last financial year, despite the company’s move to cloud based subscription revenues.
In the 2013 financial year, the local business unit experienced revenue growth of 2.9% to NZ$78.5m.
Overall expenses increased marginally from $65.2m to $66.6m and within these expenses marketing reduced by around 14% to $13m, while consulting increased 114% to $4.2m.
The final profit increased slightly from $11.1m to $11.9m representing a near 8% increase – from this just over $5m was paid in dividends to it’s parent company.
On the company’s balance sheet, cash nearly halved at the end of the 2013 financial year to $571,967 down from $1,020,499, with receivables up to $39.8m from $35.1 and the tech giant’s non-current assets massively increased from $159,000 to $1.5m.
Unlike many of the largest names in technology Microsoft should be commended for paying it’s fair share of New Zealand taxes, with just under $3.9m in local taxes being paid in the 2013 financial year.