PwC’s business in Asia shrank over the past year after scandals caused the Big Four accounting firm to lose clients in China and forced it to sell its government consulting arm in Australia.
The firm on Monday reported a 12.7 per cent decline in Asia-Pacific profits for the year ended June 30, reflecting its loss of market share in the region and offsetting growth in the Middle East and Europe.
Overall, PwC’s global profits rose 1 per cent for the year, compared to 3.1 per cent in the prior 12 months. The firm does not report a dollar figure for profits, but does report revenues, which were a record $55.4bn in the year to June, up 3.7 per cent, stripping out currency fluctuations. By comparison, revenue growth in 2023 was 9.9 per cent.
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