Hungarian IT company Synergon had a fourth-quarter loss of HUF 371 million as margins narrowed, its unaudited consolidated IFRS report for the period published late Thursday shows.
Synergon had net income of HUF 173 million in Q4 2009.
Revenue in Q4 2010 fell 26% to HUF 4.07 billion from the same period a year earlier. Direct cost of sales dropped at a slower pace, decreasing 12% to HUF 2.83 billion causing net margin to plunge 45% to HUF 1.23billion.
Operating costs were down 32% at HUF 1.43billion.
EBITDA was down HUF 59% at HUF 176 million, but Synergon booked a HUF 197 million loss on the operating line.
For the full year, Synergon had a net loss of HUF 802 million, compared to net income of HUF 222 million in 2009.
Full-year revenue slipped 13% to HUF 15.39billion. Direct cost of sales edged down 4% to HUF 10.77billion. Net margin dropped 30% to HUF 4.61billion.
Operating costs were down 16% at HUF 5.16billion.
EBITDA declined 67% to HUF 322 million.
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