Synergon had net income of HUF 44 million in Q1 2010. In Q1 2011, it wrote off HUF 226 million from a contract canceled by the Ministry of Rural Development on the gross profit line and it set aside a HUF 110 million provision related to a contract cancelled by the Budapest Fire Department on the operating costs line.
Revenue was up 8% at HUF 4.15 billion. Services accounted for 46% of revenue, down from 60% in the base period.
Cost of materials and services rose 22% to HUF 3.18 billion.
Gross margin fell 21% to HUF 967 million.
Operating costs climbed 13% to HUF 1.29 billion.
Synergon booked a HUF 324 million loss at operating level.
Synergon had total assets of HUF 8.56 billion on March 31, 2011, down 4% from twelve months earlier. Net assets dropped 27% to HUF 3.83 billion.
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