Executives of Ambertech who reported a 43.2% slump in profits in 2009 and an 11% fall in 2010 have again rewarded themselves with salary rises.
Managing Director Peter Amos has seen his base salary rise from $328,438 in 2009 to $340,438. Overall his package was $420,558 which included a 7.3% performance related increase however what has not been explained in their filing with the Australian Securities and Investment Commission is how the performance was calculated as the Company reported a 7.6% overall decline in revenue and an 11% fall in profits.
The report did say that remuneration of the Managing Director and the Chief Financial Officer (CFO) is determined by the Remuneration and Nomination Committee.
The Managing Director and CFO receive an incentive element of their salary which is based on achievement of Key Performance Indicators (KPIs) relevant to their responsibilities. This includes a component that is based on the company's profit targets.
Brian Lee who heads the Consumer Electronics Division which recorded a 33% fall in profits saw his base salary rise from $165,183 to $169,725. Overall he received $224,262 which included a cash bonus of $37,770.
One of the few consumer technology distributors listed on the ASX the Company has witnessed two years of dismal profits despite key partners like JB Hi Fi and Harvey Norman reporting significant lifts in the sale of consumer electronics goods during the 2009/2010 financial year.
Ross Caston who heads the Companies Broadcast Division which saw profits plunge 83% saw his base salary increase from $152,437 to $156,457. He also got a $30,607 cash bonus and a total package of $224,262 which is $77,723 less than the total profit of $302,000 which the Broadcast Division reported in the 2009/2010 financial year.
In 2009 when Ambertech reported a 43% slump in profits executives of the Company rewarded themselves with performance increases of up to 32.1%.