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Asseco Poland tops forecasts with 5.3 pct profit growth
May 14, 2014 / 5:48 PM / 4 years ago

Asseco Poland tops forecasts with 5.3 pct profit growth

WARSAW, May 14 (Reuters) - Eastern Europe’s No.1 software maker Asseco Poland surprised with 5.3 percent net profit growth in the first quarter, thanks to revenue growth at its Israeli business, it said on Thursday.

The company posted a net profit of 97 million zlotys ($32 million), against an average forecast from analysts polled by Reuters of 82 million, due to declining revenue from high-margin clients.

Revenue grew 8 percent to 1.45 billion zlotys, a notch above market forecasts, mainly due to a 14 percent increase in sales by its Israeli group Formula Systems to 686 million.

The company said it had a backlog of 4.62 billion zlotys worth of contracts for this year. ($1 = 3.0557 Polish Zlotys) (Reporting by Adrian Krajewski; Editing by David Holmes)

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