HP reports flat NZ income for Oct '08 year

Bottom line grows 64% as expenses cut

Hewlett-Packard New Zealand has reported a small decline in sales for the year ended October 2008, but a significant increase in its bottom line.

The largest IT company operating in New Zealand outside of the telco space, Hewlett-Packard reported sales of $600.9 million for the year, down from $602.2 million. Gross profit was similarly down, to $150.2 million from $159.9 million.

However, net profit grew substantially, from $16.7 million to $27.4 million, an increase of 64%, as administrative expenses were slashed. Reductions in wages and salaries paid contributed $5 million to the bottom line, falling from $78.4 million to $73.4 million year-on-year.

The results do not include EDS, which HP acquired last September.

HP does not comment on its local results, a HP New Zealand spokesperson says.

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