35.9% increase in profit before tax for Toshiba Australia

Toshiba Australia has released its latest financial report detailing its finances as of 31st March 2023. The report shows that Toshiba Australia's revenue from continuing operations has decreased from AUD $118 million in 2022 to AUD $115 million in 2023, a decrease of 2.3%. 

Profit before tax for the company also grew year-on-year, up from AUD $546k to AUD $742k, a sizeable increase of 35.9%.

The company's cash and cash equivalents at the 31st March 2023 saw a significant decrease year-over-year, dropping from AUD $25.5 million in 2022 to AUD $17.7 million in 2023, a decrease of 30.8%.

The report also showed that Toshiba Australia's total assets fell from AUD $84.3 million in 2022 to AUD $72.3 million in 2023, a sizeable decrease of 14.2% year-on-year.

Toshiba Australia's net cash flows from operating activities also saw a drop in the report, from AUD $2.6 million in 2022 to just AUD $432k in 2023, a significant decrease of 83.5%.

Finally, the total comprehensive income saw a 40.6% decrease from AUD $625k in 2022 to just AUD $371k in 2023.

The audit of Toshiba Australia was performed by the international audit firm PWC.

This report reflects similar findings found in the financial review of Toshiba's New Zealand branch in 2022, which saw the company's profit for the year sitting at $173,910, compared to $460,893 in 2021.

The company's report covered the year ended March 31, 2022, and showed revenue from contracts with customers was in a similar position to 2021, growing slightly from $9,257,640 to $9,578,677.

However, the cost of sales increased by $333,772, leaving the company with a gross profit of $4,295,681, a decrease of $12,735 year-over-year.

Regarding expenses, the company's New Zealand Branch spent $3,964,968 on sales, general and administration during that financial year, compared to $4,176,032 for the same period in 2021.

Further expenses include finance costs, down $7,223 year-over-year at $20,092, and tax, which almost halved this financial year at $45,720, compared to $98,298 in 2021.

According to the report, the company finished the financial year with $3,218,736 in assets, a decrease of $963,503 year-over-year.

The report acknowledged the impact of the COVID-19 pandemic, stating that "[t]he outbreak and the response of Governments in dealing with the pandemic is interfering with general activity levels within the community and the economy."

The report went on to state that Toshiba's New Zealand Branch continued to monitor the situation and its impact on the company's supply chain, employee availability and customer demand changes.