Comarch improves sales revenues while a net profit goes down in 2009

2010-03-10

In Q4 2009, Comarch posted PLN 233m (€60.1m) of sales revenues and PLN 27.6m (€7.1m) of net profit, while in the analogous period of 2008 the figures were PLN 311m (€80.2m) and PLN 37.9m (€9.8m), respectively. Net profit and sales revenues were 16% and 2.2% higher than expected when compared with the analysts’ consensus. After the four quarters of 2009, the group made PLN 730.6m (€188.3m) of sales revenues (PLN 701m or €180.7m in 2008) and PLN 33.3m (€8.6m) of net profit, while in 2008 the latter figure was PLN 191m (€49.2m).
The weaker performance is the effect of the stagnation on the IT market as well as consolidation of SoftM’s results that brought PLN 20.1m (€5.2m) of net loss in 2009. The latter company went through restructuring, however, and in Q4 2009 it has managed to escape from the red.
The revenues generated by the services accounted for 68.7% (PLN 501m or €129.1m) of Comarch’s total revenues, a rise of 18% when compared to 2008, while the company’s own software systems brought PLN 74.6m (€19.2m) of sales revenues, i.e., 10.2% of total turnover, 1% less when compared to 2008. The revenues generated by foreign sales accounted for 43% (PLN 319m or €82.2m) turnover, while in 2008 export generated PLN 147m (€37.9m), i.e., 21% of Comarch’s total revenues.
By the end of February 2010, the value of contracts in Comarch’s portfolio (excluding SoftM contracts) totalled to PLN 344.3m (€88.7m), reflecting a 6.6% increase year on year.

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