The New Zealand chapter of global social media giant Facebook has doubled its revenue in 2012, although it still remains in the red on the back of increased employee benefits.
According to Facebook's 2012 financial statement to the Companies Office, the social network raked in $787,830 selling its wares in the country, which mostly consists of online advertising and services around it. This is almost double the $427,967 earned in 2011.
Employee expenses increased by around $150,000 to $505,906. Facebook made a net loss of $59,313, which is $21,880 closer to black than last year where it netted a loss of $81,193.
Facebook is on the same boat as Google, which funnels its online advertising earnings through Ireland to take advantage of favourable tax rates.
In 2012, Facebook only paid $28,484 in taxes to the New Zealand government. According to the Interactive Advertising Bureau New Zealand's latest ad spend figures, New Zealand companies spent $1.72 million in social media advertising in the first quarter of this year alone. A large portion of this will likely be on Facebook advertising.
StopPress has contacted Facebook for comment.