Paymark lifts annual profit by 17 percent on cost control, rising sales

Wed, 05 Sep 2012

Sept. 5 (BusinessDesk) - Paymark, the electronic payments company owned by New Zealand’s four biggest banks, lifted full-year profit by 17 percent as revenue rose and it kept costs under control. Profit rose to $9.6 million in the 12 months ended March 31, from $8.27 million a year earlier, according to its financial statements filed with the Companies Office. Revenue rose 2.4 percent to $44.9 million. Expenses fell 2.3 percent to $31.4 million even as employee benefits, the biggest cost item, gained 9.2 percent to $13 million. Communicatio...

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