Sygnity, one of the most important IT integrators in Poland, had PLN 54m (EUR 14.8m) of operating loss and PLN 50m of net loss in the third quarter. In the January-September period, the operating and net losses exceed PLN 120m. Piotr Kardach, Sygnity CEO, stresses that the management is doing everything to get the company out of the red. In the fourth quarter, it plans PLN 33m of operating income and PLN 428m of sales. In 2008, it promises to break even.
“The results are disappointing. The fourth quarter forecast is a light in the tunnel”, Przemyslaw Sawala-Uryasz, CA IB analyst commented.
“We are restructuring the company intensively. We will cut employment to 500 people, while 234 employers will be fired. We will sell unprofitable businesses or those with no perspectives”, Piotr Kardach said.
The company wants to sell minority stakes in three companies, integrating Winuel, Maxelektronik, Aram and Polsoft as well as listing its servicing company on the Warsaw Stock Exchange.
On December 4th, Sygnity wants to ask its shareholders to raise capital by up to 20 percent. Selling stakes and part of its business is supposed to generate PLN 50-60m. Other PLN 10m has already been generated in savings made in leasing buildings, car maintenance and outside services.
(PLN 1 = EUR 0.273)