Citrix Asia Pacific sees net loss of AU$1.16m for FY18
Citrix Asia Pacific has reported net loss of AU$1.16 million for FY18 ended December 31, which is greater than the AU$788,000 net loss it recorded in the year prior, despite an increase in revenue and claiming less expenses.
The company recorded around AU$280 million in revenue against AU$272 million for the year prior. Revenue was comprised of client contracts: Support and services contracts accounted for AU$165 million, net product licences for AU$86.4 million, and subscription services for $28.8 million.
However, cost of sales went up in FY18 to AU$258 million compared to AU$215 million in FY17, resulting in a AU$34.4 million drop in gross profit to AU$22.4 million.
The company's operating profits, meanwhile, remained steady at around the AU$5.7 million mark. This is despite Citrix Asia Pacific reducing its expenditure on multiple fronts, including for employee salaries, bad debt, marketing, leasing, and telephone and internet expenses.
Most notably, the company cut employee expenses to AU$21.3 million, down 12% year on year. Citrix Asia Pacific had 131 employees during the 2018 financial year.
Citrix Asia Pacific also received AU$19.2 million in net foreign currency gain, compared to the AU$12.9 million net foreign currency loss from the year prior.
On the tax front, Citrix Asia Pacific will pay AU$9.5 million in income tax, which is an increase from the AU$8.1 million it paid last year.
The increase in cost of sales and taxes is reflective of the company's decrease in cash inflow from operating activities, to AU$2.8 million, compared to the AU$18.7 million reported for FY17.
Its US-based parent company, Citrix Systems, released its Q1 financial results last week, where it reported revenue of $719 million, up 3% year on year.
"We're pleased to report solid first quarter results, which were driven by accelerated revenue growth in our Workspace business," CEO David Henshall said in a statement.
"Workspace revenue grew 13% year-over-year, its fastest rate of growth since 2012. Our subscription model transition continues to progress well, and SaaS, which accounted for 60% of our subscription business, delivered strong 43% year over year growth."
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