Citrix Systems Asia Pacific has seen its losses deepen for the financial year ending 2017, with the vendor’s local business reporting a net post-tax loss of $788,000 for the year.
Citrix Systems Asia Pacific, which is incorporated in Australia, lodged its latest local full-year results with the country’s corporate regulator on 6 April, revealing a $138,201 increase in annual net loss after tax, compared to the $650,000 after-tax loss it reported for the corresponding period the previous year.
During the year, Citrix Systems APAC reported revenues of $272.1 million, of which $259.8 million came from sales of goods, and $12.4 million were generated through services.
Gross profit was up, to $56.8 million, as was the total expenses tally, which came in at around $51.2 million for the year.
The company’s local pre-tax profit from continuing operations came in at $7.3 million for the year, up on the previous year’s result of $6.3 million. At the same time, income tax expenses rose to $8.1 million from the previous year’s $7.3 million.
Another change in the company’s local results in the 2017 financial year was the absence of around $288,000 in net, after-tax profit from discontinued operations, as reported in the 2016 financial year.
This factor, among others, helped to push the company’s latest net loss for the year further into the red.
Meanwhile, the expenses forked out for salaries and employee benefits during the year dropped by more than $5 million, from $29.1 million in 2016 to $24 million for the year ending December 2017.
However, the local business saw a substantial rise in net foreign currency losses, which drew the balance sheet down by nearly $13 million, compared to a gain of about $4 million the year prior.
The results come after Citrix Systems promoted its former chief financial officer and chief operating officer, David J. Henshall, to president, CEO and member of the board, replacing Kirill Tatarinov, who was appointed Citrix CEO in January 2016.
“On behalf of the entire Citrix board, I want to thank Kirill for his leadership.The progress we made under his leadership has positioned Citrix well for the next phase of its corporate transformation,” Henshall said, upon his appointment in July last year.
In February last year, Citrix revealed it had appointed former Cisco APAC VP, Les Williamson, to lead the company’s local business.
“It has been a great time for me to come on board,” Williamson told ARN at the time. “We had our global summit in the second week of January that involved not just the entire internal Citrix organisation, but also our partner community so it was a great entry into the company.
“One of the key focus areas for me is increasing, strengthening, and furthering that partner engagement," he said.