HP Australia Reports Continuous Financial Loss

HP Australia is operating in the red for the fourth year in a row, reporting a AU$229 (US$175.5) million financial loss for 2015 fiscal year.

The figure adds to the almost half a billion dollars in losses the company posted in the three years prior to the 12 months ended October 31 2015.

Revenue also fell from around AU$3.6 (US$2.76) billion to AU$3.3 (US$2.53) billion, and its total expenses came in at just over AU$3.6 (US$2.76) billion mainly due to the cost of inventory. Its total liabilities exceeded its total assets by around AU$725 (US$555.5) million, a significant increase on the AU$564 (US$432) million gap it posted in 2014.

In its 2014 financial results, HP Australia indicated it did not expect things get better in the near-term when it wrote off AU$161(US$123.4) million in deferred tax assets.

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