HP’S AUSTRALIAN BUSINESS GAINS PROFITS IN 2017
Originally published by CRN
HP currently released its annual report which indicated that its Australian subsidiary has made a profit in the 2017 financial year ending on 31 October 2017, following a loss in the previous period.
The PC and printing vendor, which had 391 staff in Australia at the end of the financial year, reported (US$1.15 billion) for the year, up to AU$11.2 million (US$8.79 million) from the previous corresponding period. The profit was AU$25.6 million (US$20.10 million), compared with a loss of AU$2.75 million (US$2.16 million) in the previous year.
One driver of the improved profits was foreign exchange. In 2016, HP’s net foreign exchange loss was AU$46.8 million (US$36.74 million), while in 2017, forex loss was AU$14.8 million (US$11.62 million).