Citrix Asia Pacific reports improved net loss of AU$650,000

Citrix Systems' Asia Pacific arm has reported a net loss of AU$650,000 for the 2016 financial year, while revenue reached AU$259.3 million.
Written by Tas Bindi, Contributor

Citrix Systems Asia Pacific has reported a net loss of AU$650,000 for the full-year ended December 31, 2016, an improvement from the AU$3.5 million reported in the previous corresponding period.

The enterprise technology company did not break down figures according to country or business, but reported that revenue in the Asia-Pacific region reached AU$259.3 million in 2016, slightly higher than the AU$258 million reported in 2015.

Cash and cash equivalents remained relatively stagnant at AU$12.8 million, compared with the AU$12.7 million reported the previous year.

Citrix also paid AU$7.3 million in income tax in 2016, lower than the AU$8.1 million paid in 2015.

Expenses listed in the company's financial statement indicate that AU$29.1 million was spent on salaries and employee benefits in 2016, a drop from the AU$41.5 million reported in the previous year.

The company underwent a number of changes in the last couple of years including staff cuts and spinning off the GoTo family of products as a separate company, then merging it with remote access software provider LogMeIn earlier this year in a deal valued at $1.8 billion.

Citrix's global annual net income for the full year ended December 31, 2016 was $536 million, on revenue of $3.42 billion. The company said this includes restructuring charges of $71 million for severance and facility closing costs and $57 million in separation costs associated with the separation of its GoTo business and subsequent merger with LogMeIn.

The best performing Citrix business in terms of revenue growth was its software as a service (SaaS) division, which experienced a 12 percent revenue increase in 2016, while revenue from license updates and maintenance increased 4 percent and product and licenses revenue increased 1 percent.

Citrix's professional services division, encompassing consulting, product training, and certification, experienced a 11 percent decrease in revenue in 2016.

The company also recently released its first-quarter earnings for 2017, reporting net income of $27.6 million, down from the $83.5 million reported in the previous corresponding period, while revenue reached $663 million, up from the $659 million reported in Q1 2016.

In Q1 2017, Citrix's SaaS division experienced the biggest revenue increase, jumping 24 percent from the previous corresponding period, followed by revenue from license updates and maintenance, which increased by 2 percent.

Citrix's professional services division is continuing to trend downwards, with revenue dropping 9 percent in Q1 2017 over what was reported in the previous corresponding period.

Earlier this year, reports indicated that Citrix was working with Goldman Sachs to seek potential buyers for the company, reigniting decade-long speculation that Microsoft would acquire the company.

Citrix is currently headed by former Microsoft executive, Kirill Tatarinov, who became CEO in January 2016.

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