Nordic IT services vendor EDB Business Partner has reported a net loss of NOK 9m ($1.6m) for the third quarter 2009, compared to a net profit of NOK 51m ($9m) in the same quarter last year. Revenue was down 7% at NOK 1.72bn ($303m). Skip related content
EBITDA decreased 11% to NOK 150m ($26.43m), while EPS increased 13% to NOK 0.60 ($0.11). Cash flow from operations was NOK 30m ($5.3m) compared to NOK 127m ($22.4m) in the same period last year. The company signed new contracts totaling NOK 500m ($88m).
During the quarter, the company announced plans to sell off two of its small Swedish businesses, training courses business Astrakan Strategisk Utbildning and Guide Market Solutions business, to sharpen its focus and strengthen the profitability of its application services business.
The company said IT operations revenue fell 4% to NOK 1.1bn ($194m), solutions revenue grew 6% to NOK 343m ($60.5m), and application services revenue fell 15% to NOK 410m ($72.3m).
For the nine-month period, the company reported a net income of NOK 77m ($13.6m) compared to NOK 155m ($27.3m) a year ago, on revenue down 3% at NOK 5.6bn ($990m).
Endre Rangnes, chief executive at EDB, said: "We worked on implementing the restructuring program in the third quarter, and the program is now well on the way to completion. Costs have been reduced in order to adapt the company to a lower level of demand and ensure a more competitive cost structure."
