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Synergon slips into red in Q1

IT company Synergon Rt had consolidated after-tax losses of Ft 15.8 million in the first quarter of 2006, compared to profits of Ft 29.9 million in the same period a year earlier, the company said in its unaudited Q1 report, prepared with International Financial Reporting Standards (IFRS) and published on Tuesday.

Parent company Synergon contributed, however, after-tax profits of Ft 20.3 billion to the consolidated figure, down from a Ft 82.1 million profit in the same period in 2005.
Synergon had consolidated revenue of Ft 5.23 billion in Q1 2006, up 22% from the same period a year earlier. The report attributed the losses to two of Synergon's majority-owned units: Croatia's Span, which had first-quarter losses of Ft 75.9 million, and the Czech Infinity, which had losses of Ft 49.5 million. In the same period a year earlier, Span had profits of Ft 25.7 million, while Infinity had losses of Ft 178.4 million. Synergon owns 68.1% of Span and 91.7% of Infinity, but it included only 75.84% of Infinity in the consolidation, the amount it owned at the end of March.