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Synergon blames Q1-Q3 losses on foreign units

IT company Synergon Nyrt had losses of Ft 243.5 million in Q1-Q3, compared to profits of Ft 85.6 million in the same period a year earlier, the company said in its report for the period published on Tuesday.

Synergon blamed the losses partly on losses at its units in the Czech Republic and Croatia, and added that excluding the effect of a one-off revenue item, it had losses of Ft 235 million in Q1-Q3 2005.
In Q3 alone, Synergon had losses of Ft 211 million on revenue of Ft 4.67 billion. Revenue was up 19% from Q3 2005.
Synergon's consolidated Q1-Q3 revenue rose 18% to Ft 14.6 billion from the same period a year earlier, calculated with International Financial Reporting Standards (IFRS). At the operating level, Q1-Q3 EBITDA rose to Ft 210.4 million from Ft 46.3 million in the same period a year earlier. Q3 EBIDTA, however, was Ft 81.2 million in the red. Telecommunications sector orders accounted for 21% of revenue, financial sector orders for 13%, industrial orders for 16% and public sector orders for 17%. Telco and public sector orders rose slightly, but industrial orders fell noticeably, Synergon said.