Capital results

Asseco Poland, the dominant entity in the Asseco Capital Group, earned a zł.120.6-million consolidated net profit on consolidated revenues of zł.753.6 million in Q2, compared with zł.32.73 million and zł.292.08 million respectively in the same period of last year. Asseco's H1 net profit reached zł.182.9 million and its revenues were zł.1.168 billion. 

"We are doing everything to see that H2 is even better with respect to net profit and revenues, and the probability that this will happen is enormous," Asseco Poland's president, Adam Góral commented.

The capital group has also announced plans for new takeovers. Asseco Poland is working on a bid to purchase a Romanian IT firm, Siveco, according to Puls Biznesu. Góral confirmed that talks were being held, adding that Asseco was also strengthening Asseco South Eastern Europe, its subsidiary for south European operations, and preparing to list it on the WSE.

Asseco Slovakia, meanwhile, is considering the acquisition of a Hungarian company with revenues of E5-10 (zł.16.5-33) million. "The takeover could take place by the end of Q1 2009," Asseco Slovakia president Josef Klein said.

The company's quarterly results are expected to keep improving, according to Milena Olszewska, an IT market analyst at ING. "The Q2 results were the first to include Prokom after the merger, while the next quarters should reflect the cost synergy not only from the merger with Prokom but also from an upcoming merger with ABG," she said.

Olszewska added that the company was benefiting from of its takeover strategy in the CEE region. In turn, Asseco Poland's takeovers in Western Europe are aimed at building up the company's brand and reputation for reliability, so that it can take part in large, Europe-wide contracts, she said.

"Within two years the company should start winning some of these," she concluded.