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Synergon System Integrator agrees with Volksbank on HUF 375m credit line

Hungarian company Synergon System Integrator has concluded an agreement with Volksbank Hungary on a credit line which the company will use to settle the bills to suppliers of equipment for an ongoing project, listed parent company Synergon Informatika said.

The agreement extended the credit line of Synergon System Integrator by HUF 375 million, of which HUF 200 million is in the form of an overdraft. The credit line at Synergon System Integrator's disposal will rise to HUF 575 million, including HUF 400 million of overdraft as a result of the agreement.

Synergon Group has a total of HUF 1.945 billion credit line at its disposal, including HUF 830 million in bank overdraft, HUF 915 million of guarantee line and HUF 200 million of treasury line, the announcement said.

Synergon had a slight HUF 6 million loss in Q2 2010, compared to profit of HUF 2 million one year earlier. Revenue was HUF 4.31 billion in Q2, practically the same as in the same period a year earlier, the company said in its unaudited consolidated IFRS report for the period. Synergon had total assets of HUF 9.69 billion on June 30, 2010, including net assets of HUF 5.05 billion. (MTI-Econews)