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Kulcs-Soft profit climbs over HUF 50 million in 2008/2009 business year

Hungarian IT company Kulcs-Soft on Thursday said it had net income of HUF 51 million in its business year ended October 31 after breaking even in the previous year. Profits rose as revenue growth outpaced higher material costs.

Revenue rose 30% to HUF 600 million. Material costs climbed 16% to HUF 399 million. Payroll costs were up 53% at HUF 127 million.

Kulcs-Soft had total assts of HUF 372 million on October 31, 2009, 84% more than twelve months earlier. Net assets climbed 82% to HUF 151 million. (MTI-Econews)