Asseco Poland Q1 profit drops

WSE-listed IT group Asseco Poland posted PLN 60.9 million attributable net profit in Q1, a 7 percent y/y decline. Revenues amounted to PLN 2.06 billion (12.1 percent y/y increase), while EBITDA dropped by 4.5 percent y/y to PLN 246.3 million. In revenues, sale of software and services increased by 14.1 percent y/y to PLN 1.70 billion, while, licensed software and services contracted by 8 percent to PLN 137 million, while hardware was up 13 percent to PLN 427 million.