Revenue Down, But Fuji Xerox Australia Returns To Black
SYDNEY: Fuji Xerox Australia has posted a profit for the year ended March 31, despite a drop in revenue to $608 million, down from $650 million in 2019.
Despite having been landed with a $49 million tax bill in 2019, and subsequently posting a loss of $47 million for that year, Fuji Xerox has still turned to the black, posting a profit of $5.9 million.
Customer contracts and sales of goods shrank. However, Fuji’s services arm grew 53pc – from $5.8 million to $8.8 million.
Meanwhile, its cost of sales fell by 16pc to $386 million. At the same time, cash at the bank shrank by 37pc – from $79 million to $49 million.
The Japanese-headquartered Fuji Xerox is set to end its technology partnership with the US-based Xerox Corporation and will change its name to Fujifilm Business Innovation, as Fuji Xerox’s brand licence and sales deal with Xerox ends on 31 March 2021.