Apple Australia almost doubled pre-tax profit during fiscal 2017

“Apple Australia increased its pre-tax profit to AU$255 million for the financial year ended September 30, 2017, almost doubling the AU$132 million posted for the year prior,” Chris Duckett reports for ZDNet.

“Over the course of the year, revenue increased from AU$7.6 billion to AU$8 billion, which was made up of AU$7 billion in product sales and AU$975 million of services,” Duckett reports. “The cost of sales rose in line with revenue, increasing by roughly AU$400 million to AU$7.3 billion.”

“Apple Australia parted with AU$182 million in income tax, a 42 percent bump on the AU$128 million for the year prior. This year’s income tax was made up of AU$80 million in ‘current income tax,’ AU$90 million against the ‘under provision in respect of prior years’ line item, and AU$12 million in deferred tax. For FY2016, Apple Australia paid AU$98 million in ‘current income tax,’ AU$58 million “under provision in respect of prior years”, and received AU$29 million credit in deferred tax,” Duckett reports. “Once the income tax charges are taken into account, Apple Australia posted AU$72.4 million in net profit after tax, a significant increase on the AU$3.7 million posted in 2016.”

Read more in the full article here.

MacDailyNews Take: Growth.

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