11/16/2007

Poland's software company Sygnity Q3 net loss at 50.1 mln zlotys

WARSAW (Thomson Financial) - Polish software company Sygnity reported a net loss of 50.1 mln zlotys in the third quarter, weighted down by losses related to its merger earlier this year.

The loss was bigger than an average 31.9 mln expected in a poll of analysts surveyed by the state news agency PAP. Third-quarter sales reached 250.6 mln zlotys.

Sygnity, which had three straight quarters of losses this year, also said its revenues will rise to 428 mln zlotys in the last three months of 2007, while earnings before interest and taxes should reach 33 mln zlotys.

Sygnity, created earlier this year from the merger of local software services companies ComputerLand and Emax, will lay off 500 of its 3,600 workforce and plans to raise 50-60 mln zlotys from the sale of some assets.

Source: By Piotr Skolimowski,

forbes.com



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