Synergon cuts losses in Q3

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Hungarian IT company Synergon had consolidated net losses of HUF 129.3m in the third quarter of 2011, compared to losses of HUF 469.2m in Q3 of 2010, the company’s IFRS report shows.

Synergon had losses of HUF 967.2m in Q1-Q3 of 2011, up from losses of HUF 440.3m in the same period last year.

Revenue came to HUF 4.8bn in the third quarter, up 51% from a year earlier.

Revenue in Q1-Q3 was HUF 12.8bn, up 13% yr/yr.

EBITDA profit came to HUF 4.1m in Q3, compared to losses in the previous quarters of the year. The company attributed the improvement in results to cost-cutting measures introduced in 2011. EBITDA losses amounted to HUF 399m in Q1-Q3, compared to profits of HUF 146.4m in the same period last year.

The Synergon group had operating losses of HUF 905.4m in Q1-Q3, compared to profits of HUF 344.5m in Q1-Q3 last year.

In the past quarter, Synergon began testing its service model based on cloud technology in Hungary. The management believes that the services based on cloud technology, which promise cost savings as a result of more efficient resource utilisation, could have a well-timed launch in Hungary in 2012. Synergon wishes to become a major cloud integrator on the market in 2012.

 

The report said Synergon’s management considers the company’s targeted annual revenue of HUF 30bn within four years to be realistic and achievable.

 

Synergon shares are traded in category ‘A’ of the BSE.

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