SoftM still in the red

2010-08-27

Despite ongoing restructuring, SoftM, a German listed software producer belonging to Comarch, has not managed to escape from the red in H1 2010. Sales revenues totalled to €18.2m, reflecting an 8% decrease year on year, while the net loss totalled to €2.3m in contrast to €5.4m net loss in H1 2009.
The company withdrew from selling IT equipment and integration services that were generating low profit margins, which resulted in lower sales. In H1 2010, sales of software brought in €8.6m, while consulting and system integration services generated €5.9m and €3.7m, respectively.
Still, in the first six months of 2010, SoftM spent €1m on investments, of which €0.9m was spent for software development.