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HP’S AUSTRALIAN BUSINESS GAINS PROFITS IN 2017

                                                     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).

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