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Synergon bottom line improves as revenue falls

Telco

Hungarian IT company Synergonʼs first-quarter net income reached HUF 53 mln, improving from a HUF 192 mln loss in the base period, a consolidated earnings report published late Friday shows.

Synergonʼs revenue fell 57% to HUF 580 mln on the base effect of a big order for a tracking system for Budapestʼs public transport system.

Cost of sales fell at an even steeper rate, by 64% to HUF 344 mln, and operating costs were down 50% at HUF 287 mln as headcount was more than halved to 56.

Synergon booked a HUF 51 mln loss at operating level, albeit narrowing from a HUF 192 mln loss in the base period. A HUF 91 mln gain on the "other revenue" line, however, kept it in the black.

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