HP South Pacific Post Profit Turnaround
Hewlett Packard South Pacific has turned its corporate back on last year’s $47 million loss, and is glowing in the delight of recording a $54 million profit for the year to October 31, 2018.
Helping the result along was the successful sale of HP’s Forest Hill, Melbourne, property for a cool $88 million – said to be a gain for HP of $65 million. HP will maintain a presence in the building, leasing back a portion of the office space for five years.
It doesn’t need all the space it previously occupied, having cut staff numbers by 156 positions to just 860.
HP South Pacific revenue for the year came in at $958 million, down slightly from the $980 million it banked in 2017. Despite the $54 million profit, the company paid just $4.1 million in tax, though that was well up on the $1.2 million it paid a year earlier.