Samsung Electronics Australia has posted a $57.95 million after-tax loss for the financial year ending December 2017, a marked drop from the company’s $3.49 million loss after tax the year prior.
According to the latest full-year financials by the South Korean tech giant’s Australian arm, the company made a pre-tax loss of $40.23 million in 2017, again well below the $13.19 million profit before income tax it posted the previous year.
The report, which was lodged with Australia’s corporate regulator on 28 May, shows that despite deepening after-tax losses, Samsung Australia reported a rise in total revenues, to $2.49 billion. For the year ending 2016, the company posted revenues of $2.35 billion.
However, the company also reported a slight, $2.53 million fall in receipts from customers for the year, to $2.67 billion.
At the same time, Samsung Australia’s outgoing payments to suppliers and employees for the year outstripped what it made in receipts from customers, with payments standing at $2.68 billion – a $112.52 million increase on the year prior.
As such, the company’s net cash flows for the year dropped to an outflow of $13.27 million, down from the previous year’s inflow of $136.17 million.
During the year, Samsung Australia forked out $1.95 billion for the purchase of electronic equipment from its parent company in South Korea, an increase on the previous year’s $1.89 billion.
Meanwhile, the tech group’s local arm purchased $9.2 million worth of management services from other subsidiaries, also a rise on the previous year’s figure of $8.3 million.
Samsung Australia’s stated total tax expense for the year rose to $22.05 million, up from the previous year’s $2.87 million, with its deferred income tax figure falling from $13.8 million for the year ending 2016, to $4.33 million for the year just gone.
Due to the company’s reported loss, its tax figure at Australia’s 30 per cent corporate rate was $-12.07 million.
The company’s stated income tax expense for the year ending 2017 came in at $17.72 million, a slight drop from the previous year’s figure of $16.68 million.
The past year has been a tumultuous one for Samsung Australia's South Korean parent, with the company's heir apparent, vice chairman Jay Y. Lee, last year facing charges and jail time as part of a corruption case that led to the ouster of the country's president in 2017.
Since then, Samsung Group has come under fresh criticism about its ownership structure, with the country's antitrust chief saying it is unsustainable.