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FreeSoft losses narrow as margin widens

Hungarian software maker FreeSoft\'s first-half losses narrowed to HUF 112 million from HUF 139 million in the same period a year earlier as its margin widened, FreeSoft\'s recently published report for 2011H1 shows.

Net sales revenue climbed 34% to HUF 351 million during the period. At the same time, material costs rose just 17% to HUF 292 million and payroll costs fell 26% to HUF 119 million, causing losses at operating level to narrow to 71 million from HUF 128 million.

FreeSoft\'s bottom line was hit by a HUF 41 million net financial loss, compared to a HUF 11 million loss in the base period 2010.

FreeSoft had total assets of HUF 3.85 billion on June 30, down 5% from the end of 2010. Net assets fell 3% to HUF 3.13 billion.