Synergon dives into red in Q1 on financial losses

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Hungarian IT company Synergon had after-tax losses of HUF 125.4 million in the first quarter, compared to after-tax profit of HUF 67.05 million a year ago, stemming from financial losses of HUF 159.6 million, compared to financial gains of HUF 127.4 million one year earlier, Synergon announced in its first-quarter IFRS report on Friday. Synergon said the company sustained financial losses HUF 73 million from exchange-rate differences, HUF 65 million from interest payments, and HUF 22 million from futures deals on treasury shares. The company generated revenue of HUF 2.61 billion in the first quarter, up 48%. Synergon is a B-category issuer at the Budapest Stock Exchange.

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