Juniper Networks Australia posts modest profit in 2020
Juniper Networks Australia has posted revenue of US$107.7 million, a drop from $112.5 million in 2019, however the company cut considerable costs across its administrative, sales and distribution expenses which led to a more favourable outlook.
Before expenses and costs, the company made US$29.95 million (AU$38.8 million) gross profit, finishing only slightly lower than its US$30.8 million profit earned in 2019.
Cost of sales was $77.8 million in 2020, a decrease from US$81.7 million in 2019. Administrative expenses totalled $27.7 million, down from $29.1 million. Selling and distribution expenses also dropped to $493,053, down from $796,716 in 2019. ‘Other’ operating expenses increased slightly at $165,063, up from $148,073 in 2019.
Finance costs came in at $103,901, down from $177,674 in 2019. Finance income also dropped considerably, falling to $214,061 from $963,971 in 2019. Income tax totalled $1.1 million, down from $1.2 million.
This led to a total of US$612,827 yearly profit for the financial year ending 31 December 2020, up from just US$326,259 in 2019.
The company also acknowledges the impact of COVID-19 on its operations.
“The pandemic has, and may continue to, negatively affect our operations, including as a result of external factors beyond our control such as restrictions on the physical movement of our employees, supply chain, partners, and customers to limit the spread of COVID-19 and the availability & acceptance of a COVID-19 vaccine,” the report states.
“Since March 2020, the majority of our workforce has been working remotely due to shelter-in-place requirements and travel restrictions. We continue to follow the guidance of local and national governments, including monitoring the health of our employees who have returned to our offices and limiting the gathering size of employee groups in indoor spaces.
“The pandemic has not had a substantial net impact on our operations or liquidity position in 2020. We continue to generate operating cash flows to meet our short-term liquidity needs. In 2020, we did not observe any material impairments of our assets or a significant change in the fair value of assets due to the pandemic.”