Fuji Xerox Australia has made a profit for the year ended 31 March 2020 despite seeing its revenue contract.
The printing giant saw its revenue fall to $608 million, down 6 per cent from $650 million in 2019.
However, having been landed with a $49 million tax bill in 2019, and subsequently posting a loss of $47 million for that year, Fuji Xerox has since returned to the black with a profit of $5.9 million.
Broken down, Fuji Xerox’s revenue from both customer contracts and sales of goods shrank. However, its services arm grew 53 per cent from $5.8 million to $8.8 million.
Meanwhile, its cost of sales fell by 16 per cent to $386 million. At the same time, its cash at the bank shrank by 37 per cent from $79 million to $49 million.
The latest results come two years after Fuji Xerox Printers' local operation was merged into Fuji Xerox Australia.
At the time it was reported that only 44 of Fuji Xerox Printers' 50 staff members were kept on in full time roles after the integration of the business.
However, the Japanese-headquartered Fuji Xerox is is soon to end its technology partnership with the US-based Xerox Corporation.
It plans to change its name to Fujifilm Business Innovation as Fuji Xerox’s brand licence and sales deal with Xerox ends on 31 March 2021.
More recently, Fuji Xerox Australia launched legal action in the Federal Court against two former executives in the local market, including former managing director Neil Whittaker, over the company’s so-called “inappropriate” accounting scandal.
The litigation follows a case launched by Fuji Xerox New Zealand against former senior executives — initially unnamed — following the fallout of the company’s A$450 million (NZ$472 million) “inappropriate” accounting scandal.