Sygnity back in the black

IT solutions provider Sygnity saw consolidated revenues of zł.183.6 million and a net profit of zł.6.3 million last quarter, as compared with zł.236.9 million in revenues and a zł.50.1 million net loss in Q3 2007.

Although the firm saw a net loss of zł.18.2 million in the Q1-Q3 period, the result was an improvement over the zł.123.6 million lost in the same period of 2007. In the first three quarters of 2008, Sygnity's revenues dropped to zł.664.67 million, compared with zł.835.3 million in Q1-Q3 2007.

The company expects a positive operational result for the whole of 2008. "Next year will be even better," Piotr Kardach, president of Sygnity, said.

Sygnity's share price increased from zł.20.36 to zł.21.20 last Wednesday on news of a possible takeover by Nasdaq-listed Ness Technologies (NT), an Israeli firm.

Representatives of NT could come to Poland to see whether Sygnity's shareholders would respond to a call for shares, Parkietreported. Experts quoted by the daily said that the call would be successful if Sygnity's share price rose to around zł.30.

Sygnity and NT have previously cooperated in IT-solution implementation projects throughout the CEE region.

Kardach told Parkiet that "this is not the best time for takeovers."