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Synergon breaks even on flat revenue

Hungarian IT company Synergon broke even on revenue of HUF 4.31 billion in Q2, practically the same as in the same period a year earlier, the company's consolidated IFRS report for the period shows.

Synergon had a slight HUF 6m loss in Q2, compared to profit of HUF 2m in the base period. Revenue inched up 1% from Q2 2009.

Services accounted for 54% of revenue in Q2, down sharply from 84% in the same period a year earlier.

Cost of materials and services rose 4% to HUF 3.0 billion, but operating costs were down 8% at HUF 1.28 billion.

EBITDA was up 9% at HUF 150 million, but operating profit plunged 44% to HUF 19 million.

Synergon booked a HUF 72 million financial loss, which brought its pre-tax loss to HUF 56 million, but tax changes lifted its bottom line by HUF 50 million.

Synergon's first-half net income slipped 6% to HUF 38 million from the same period a year earlier.

First-half revenue inched down 3% to HUF 8.14 billion. The proportion of revenue generated by services fell to 57% from 73%.

Cost of materials and services rose 5% to HUF 5.62 billion, but operating costs were down 15% at HUF 2.43 billion.

Synergon had total assets of HUF 9.69 billion on June 30, 2010, 2% more than twelve months earlier. Net assets fell 1% to HUF 5.05 billion. (MTI – Econews)