Asseco Q2 profit drops

WSE-listed IT group Asseco had PLN 113.3 million net profit in H1, down from PLN 142.4 million last year. Revenues amounted to PLN 4.16 billion, up from PLN 3.77 billion last year. Sales increased primarily in foreign markets, with a share of consolidated revenue rising to 83 percent, while revenues from the domestic market decreased by 14.4 percent. “The situation on the Polish market was mainly affected by lower sales volumes, which was largely offset by growth in revenues from subsidiaries such as Asseco Business Solutions,” the company added. Significant disparities between the operating EBIT result and the net profit result primarily from minority interests in subsidiaries, primarily in the Formula Systems group, the company explained in its report.