IBM Australia Pty Ltd was one of the contributors to the parent company’s swingeing loss for 1991, turning in a loss equivalent to $299m against a profit last time of $241m on turnover that crashed 30.6% at $1,030m, and IBM Corp had to inject $154m of new capital because the company was generating insufficient cash and its credit rating would have gone for a Burton otherwise. The ravaged company is in process of reducing its headcount by 25%, and hopes that the programme, to shed 1,200 staff all told, will be completed by the end of next month.
