Revenue down $77 million at HP New Zealand

HP’s local New Zealand unit has seen its revenues drop from $647 million in 2012 to $570 million in the 2013 financial year, a revenue decrease representing $77 million or roughly 12 percent year-on-year.

But despite the revenue decrease at the tech giant, gross profit margins changed little from 34.2% down slightly to 33.7%.

One of the most dramatic changes on its profit and loss statement has been a $74 million reduction in administrative expenses, which dropped from $230 million to $187 million.

This expense reduction slimmed the company’s annual net loss in New Zealand from over $92 million to just $15 million.

With regards to the local unit balance sheet, the big mover has been the company’s trade receivables which have blown out from just $77 million to over $244 million – this may account for the nearly $200 million increase in borrowings.

Cash on hand at the end of 2013 was $58 million.

HP’s financial year runs from 1st November to 31st October. All of our comparisons are between the 2012 and 2013 years.

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