Michael Hill annual profit falls as tax payments bite

Fri, 19 Aug 2016

By Tina Morrison Aug. 19 (BusinessDesk) - Michael Hill International, the jewellery chain business founded by its namesake, posted a 30 percent decline in annual profit as it accounted for tax adjustments. Profit fell to A$19.6 million, or 5.09 Australian cents per share, in the 12 months ended June 30, from A$27.8 million, or 7.22 cents, the year earlier, the Brisbane-based company said in a statement. The earnings included a A$28.8 million settlement of a historic tax dispute with New Zealand's Inland Revenue Department and A$19.4 milli...

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