Prokom earns thanks to its subsidiaries

13-08-2007, 13:50

Prokom IT company had second quarter results above forecasts. Prokom Software had PLN 258.5m (EUR 68.2m) of consolidated net income in the second quarter, or 18 times more than in the same period of last year.

The results were supported by one-time event of the merger between Softbank and Asseco Poland (PLN 222m). Without extraordinary transactions, the Prokom group had PLN 21.5m of net income against PLN 14.1m last year.

“This is a good result but the main success are all subsidiaries. I’m not delighted with the main company’s results”, Pawel Puchalski, DM BZ WBK analyst commented.

Prokom Software’s sales dropped from PLN 150.5m to PLN 116.5m. Operating income shed from PLN 19.5m to 10.5m. Net income grew from PLN 14.7m to PLN 34m.

“Worse sales and operating income are the result of termination of old contracts and delays in public procurements. It won’t change before 2009”, Pawel Puchalski added.

In his opinion, Prokom’s worst times are over. The company plans further acquisitions. Its new companies, including Asseco Romania and Asseco Adria will have over PLN 50m of net income next year, adding PLN 14m to Prokom Software’s income.

© ℗
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