Cost cuts lift Tieto's adjusted profit

HELSINKI Wed Feb 6, 2013 1:14am EST

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HELSINKI Feb 6 (Reuters) - Nordic IT services provider Tieto reported a 28 percent jump in its fourth-quarter adjusted profit despite a slight fall in sales, due to cost cuts.

Tieto, which competes with bigger technology services companies such as IBM and Accenture, said its quarterly operating profit excluding items rose to 43.8 million euros ($59.3 million). Analysts on average expected 41.2 million euros, according to a Reuters poll.

The company has been cutting costs and divesting some operations to cope with slower corporate spending. It forecast operating profit excluding items to improve in 2013. ($1 = 0.7392 euros) (Reporting by Helsinki Newsroom)

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