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FreeSoft first-quarter revenue, losses decline

Hungarian IT company FreeSoft generated revenue of HUF 1.5 billion (€5.43 million) in the first quarter of 2010, down 22.4% from Q1 of 2009. FreeSoft had net losses of HUF 100 million in the first quarter of this year, sharply down from net losses of HUF 282 million during the same period last year, the company revealed in its consolidated, unaudited IFRS report for the period.

Operating losses narrowed to HUF 115 million in the first quarter of 2010 from HUF 253 in Q1 of 2009 material costs fell by more than a third to HUF 245 million and payroll costs fell 2.8% to HUF 369 million.

The company had EBITDA of minus HUF 49 million in the first quarter of this year, compared to EBITDA of minus HUF 151 million in the first quarter of last year.

FreeSoft had net assets of HUF 2.58 billion on March 31, 2010, down 3.7% from December 31, 2009.

The company had 261 employees on March 31, 2010, compared to 315 employees on March 31, 2009.

FreeSoft's shares trade in the B-category at the Budapest Stock Exchange. (MTI-Econews)