Michael Hill annual profit falls 22% on declining profit margin, Australian tax payment

Thu, 14 Aug 2014

By Tina Morrison Aug. 15 (BusinessDesk) - Michael Hill International, the jewellery chain that bears the name of its founder, posted a 22 percent drop in annual profit as its profit margin declined and it paid a settlement to the Australian Tax Office. The Brisbane-based retailer said profit fell to A$25 million, or 6.43 cents a share, in the 12 months ended June 30, from A$32.1 million, or 8.24 cents, a year earlier. The earnings include a A$5.993 million payment to settle a dispute with Australian tax officials over the transfer of inte...

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