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BREAKING NEWS: Samsung Oz Posts $58m Loss

Samsung Electronics Australia has dramatically widened its after-tax loss for the year to December 2017 to $57.95 million, compared to the previous year’s loss of $3.49 million.

In its financial report, the company shows that, despite the losses, it posted a rise in total revenue to $2.49 billion, up slightly from 2016’s figure of $2.35 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.

During its latest year, Samsung Australia forked out $1.95 billion for the purchase of electronic equipment from its parent company in South Korea, a slight 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.

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