MetService annual profit slips as it invests in new ocean business, pays more tax

Mon, 06 Oct 2014

By Suze Metherell Oct. 6 (BusinessDesk) - Meterological Service of New Zealand, the state-owned weather bureau, reported a 5.6 percent drop in annual profit as a bigger tax bill and higher costs from its new acquisition weighed on earnings. Profit fell to $2.6 million in the year ended June 30, from a $2.7 million a year earlier, according to Wellington-based MetService's annual report. Sales rose 7.9 percent to $45.6 million, its third-highest since becoming a state-owned enterprise in 1992. Profit before tax gained 13 percent to $4.3 mi...

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