NTT Australia profit slides further into the red

NTT Australia profit slides further into the red

First financial result after rebranding exercise

Credit: Dreamstime

Technology services provider NTT Australia has seen its net loss after tax further sink into the red at $15.8 million for the 2020 financial year ending 31 March. 

This has more than doubled in comparison to same time last year, which saw the company recorded a loss of $6.1 million. 

This loss was brought down from $18.1 million after NTT received a $2.29 million income tax benefit from the Australian government. 

However, revenues increased from $1.27 billion to $1.42 billion in the 12 months to March.

In further breaking down the revenue figures from contracts with customers, about $724.5 million derived from product sales spanning hardware, software and licensing; while $705 million stemmed from services such as consulting, technical, managed and support.

This is the first financial result the company has posted since undertaking its significant rebranding exercise from Dimension Data to NTT Australia, which came into effect from 11 September, also absorbing client relationship and re-organisation activities during the period. 

NTT Australia’s global holding company undertook steps to integrate businesses across Dimension Data, NTT Communications and NTT Security under one NTT Ltd brand, operating in 57 countries.

In a statement in the company's financial report lodged with the corporate regulator, outgoing NTT Australia director Steve Nola said that due to the uncertainty of current market conditions with the COVID-19 pandemic, it cannot “reasonably estimate the impact these events will have on Group’s financial position, results of operations or cash flows in the future.”

Nola announced his retirement from NTT in May, with Tania Balcombe named as his successor. 

Recently, NTT along with cyber security start-up Cynterra landed a multi-year contract with federal agency IP Australia (IPA).

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