By Patrick Avenell
TEAC Australia’s parent company, TTA, has today reported a scaled drop in profit of almost 60 per cent. It’s not all bad news, however, with the reborn supplier still boasting a decent profit for the last nine months.
Due to a change in its reporting schedule, TTA this morning announced a nine month result. In total the group reported a $1.79 million profit for this period. Over the last reporting period, which was a full 12 months, TTA made $5.81 million. Scaling these results to make them comparable, this results in a 58.7 per cent drop in profit.
For the nine months to 31 March 2009, TEAC grossed $44.89 million in revenue. This was down just under $10 million from the previous report, though the current timeframe was three months shorter. Once outward costs of the business have been removed from the revenue, TTA reported a profit of $1.79 million.
TTA director and company secretary James Phoon attributed the drop in profit to three main factors: a 3-month shortening of the reporting period, increased borrowing costs and adjustments of over provision of income tax and temporary differences in tax in the 12 months ended June 2008.