IBM report on profit
IBM (New Zealand). Ltd. has announced a gross income from sales, leases, rentals and services of $67,727,000 for the year ending December 31. 1981, compared with $50,572,000 for 1980.
It was not satisfactory for IBM that its net profits were growing more slowly than its sales, said the company’s managing director (Mr B. M. Logan) in announcing the
audited financial results on IBM’s New Zealand operations.
Net profit for the year after tax was $3,251,000. compared with $3,789,000 in 1980. s
Mr Logan said this decline in net profit had been caused by the impact on imported costs of the deterioration in the value of the New Zealand dollar, not fully recovered by price increases.
It was not expected that the 14 per cent change between the United States and the New Zealand dollar in 1981 would be matched by a similar movement in 1982.’ he said.
New capital expenditure for the year had amounted to $15,338,000, compared with $11,401,000 for 1980. IBM had bought 20 per cent of its equipment from South America, 26 per cent from the United States, 33 per cent from Japan, and 21 per cent from 12 other countries.
“From a technology point of view. IBM is in a very healthy position,” Mr Logan said. IBM had a SI6OOM investment in research world-wide.
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Press, 16 March 1982, Page 37
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222IBM report on profit Press, 16 March 1982, Page 37
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