Mondelez New Zealand Investments pulled out $130 million of dividends from its New Zealand business, more than twice the profits its generated is six years of ownership, before going ahead with shutting down the Cadbury factory in Dunedin.
The local unit of the US food group shipped $25 million to its parent in calendar 2016, when it reported a profit of $7.6 million, down from $9.2 million a year earlier, financial statements lodged with the Companies Office show. The New Zealand entity increased revenue 3.8 percent to $302.5 million, although a higher cost of goods squeezed gross margins to 18.4 percent from 20.3 percent a year earlier.
The latest dividend adds to $105 million in dividends paid in previous years.
Earlier this year…
Read the full article at: https://www.nbr.co.nz/article/mondelez-extracted-130m-dividends-quitting-dunedin-b-202594
