NTT New Zealand sees sales lift in 2020 but tax drives increased loss

NTT New Zealand sees sales lift in 2020 but tax drives increased loss

NTT's local business books tax and accounting adjustments in year of change

Credit: Alexey Novikov, Dreamstime

NTT New Zealand, formerly Dimension Data, reported increased sales of 4.2 per cent in the year to 31 March, 2020, but tax and other adjustments drove losses higher.

Revenue lifted to $185.1 million from $177.7 million while the company's loss before tax fell slightly from $7.4 million to $6 million.

That loss included the recognition of $5.8 million in extra expenses due to accounting policy changes adopted during the year.

NTT NZ also booked $10.6 million in deferred tax expenses on prior-year losses because it didn't have "visibility" over future taxable profits that could be used to unwind the deferred losses.

That combination drove net loss after tax for the year to $16.6 million from $6 million in 2019.

NTT NZ has been undergoing a period of change under new CEO Simon Gillespie, who has been asked for comment.

Last month, NTT was named the technology partner for the New Zealand Campus of Innovation and Sport.

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Tags New Zealanddimension dataICT servicesNTT



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