Improvements in sales and belt-tightening were wiped out by currency movements and an increase in income tax.
Citrix Asia Pacific has reported a net loss of AU$788,000 for the 2017 financial year, despite an increase in sales and a reduction of most of its expenses.
The company recorded AU$272 million in revenue against AU$259 million for the year prior, which flowed into a AU$5.8 million bump in gross profit.
On the costs front, the company paid AU$5.1 million less in employee salaries and benefits, almost halved its marketing budget, and reduced its leasing and office costs significantly. However, a net currency loss of almost AU$13 million compared to a AU$4 million gain last year meant the company had higher overall expenses.
After recording an AU$8.1 million income tax expense, the company recorded a net loss of AU$788,000 for the year — higher than the AU$650,000 net loss reported last year. However, AU$288,000 in net profit was reported by parts of the company spun out from its GoTo family of products into a separate company.
The income tax expense included AU$2.2 million paid at Australia’s 30 percent company tax rate, AU$5.4 million in written down foreign tax credits, and no R&D tax credits compared to the AU$115,000 recorded last year.
Earlier this year, Citrix reported a fourth quarter net loss of $284 million from revenue of $778 million. For its 2017 financial year, the company reported annual revenue from continuing operations of $2.82 billion, compared to $2.74 billion a year prior.
The company expects to report revenue of $670-680 million for its first quarter ended March 31.
In July, the company promoted its CFO and COO David Henshall to president and CEO, following the „mutual separation“ of the board and former CEO Kirill Tatarinov.
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