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FreeSoft net profit climbs as financial losses narrow

Hungarian software company FreeSoft's consolidated net profit rose 16% to HUF 136 million in 2012 as financial losses fell. Revenue dropped 4% to HUF 8.78 billion, according to the company's IFRS report published late Thursday. Direct costs of sales fell at a slower rate, slipping 1.5% to HUF 5.66 billion, causing gross margin to widen by 9.0% to HUF 3.12 billion. The bottom line was lifted by a big decline in financial losses to HUF 9 million from HUF 102 million in the base period.