Credit: Dreamstime
Cisco Australia has turned its net profit after tax around to $37.8 million in the black for the financial year ending 31 July while at the same time blaming the pandemic and governments for getting in the way of its overall performance.
The turnaround represented an increase of over 326 per cent from a loss of $16.7 million during the financial year prior.
Overall, the business was relatively unscathed by the COVID-19 pandemic during the reporting period, according to a financial report filed with the Australian Securities and Investments Commission (ASIC), stating it “has not had a significant impact on our business to date”.
However, the company was not completely unaffected by the pandemic, claiming in the report that the combination of the pandemic and government action negatively affected ongoing activity.
“The outbreak and the response of governments in dealing with the pandemic has interfered with general activity levels within the community, the economy and the operations of our business,” the document said.
“The scale and duration of these developments remain uncertain as at the time of this report, however they may have an impact on our earnings, cash flow and financial condition.”
Revenue dipped by 6 per cent year-on-year, down to $1.9 billion. Of this, product revenue dropped down by 10 per cent year-on-year to just over $1 billion, while service revenue was up 7 per cent year-on-year to $466.4 million.
Last month, Cisco Australia and New Zealand promoted channel chief Luke Power to Cisco managing director of commercial, with Rodney Hamill appointed to take charge as partner director.
