Sygnity net profit in fQ1 down by 93.1% y/y

WSE-listed IT firm Sygnity suffered a 93.1 percent year-on-year decrease in net earnings in fiscal Q1 2016/17 (ending December 31, 2016) posting only PLN 236,000, the company said in a market filing with preliminary results. The main reason for such steep decline was significant drop in public orders. “The biggest impact on the present results for Q1 2016/17 came from a decline in orders in the area of public tenders,” Sygnity said. “As a result, the number and value of contracts signed decreased, which caused a short-term reduction of revenues and of the profit level.” Final results will be presented on February 9.