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Asseco Poland IT nets PLN 89.9 mln in Q4 vs. PLN 111.9 mln expected

TAG'S: ASSECOPOL, IT

isted IT group Asseco Poland missed expectations with PLN 89.9 mln attributable net profit in Q4 2014, below the market consensus at PLN 111.9 mln, Asseco's annual financial report showed.

 

Asseco managed to exceed expectations slightly on the top line, with group revenues growing 7.8% y/y to PLN 1.83 bln. Of that sum, PLN 1.4 bln came from proprietary software & services sales, which grew 11.3% y/y. Licensed software & services as well as hardware sales both edged down marginally y/y.

 

Segment-wise, Asseco grew visibly in banking & finance, generating PLN 633.4 mln revenues, 16.1% more than in Q4 2013. Sound growth of nearly 10% was also recorded in industry, where revenues reached PLN 750.4 mln. Public administration sales edged down 4.7% to PLN 448.8 mln.

 

But as the cost of sales jumped 40% to PLN 117.8 mln for the quarter, the operating profit proved 11% below consensus.

2015-03-16



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