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Asseco Poland posts unexpected fall in 2013 operating profit
March 22, 2014 / 9:26 AM / 4 years ago

Asseco Poland posts unexpected fall in 2013 operating profit

WARSAW, March 22 (Reuters) - Central Europe’s largest software producer, Asseco Poland, posted an unexpected 6-percent fall in its 2013 operating profit, the group said late on Friday, as a rise in costs hurt profitability.

Profit came in at 610.5 million zlotys ($200.3 million), compared with the 658.5 million expected by analysts.

The group’s revenue came in 7 percent higher at 5.90 billion zlotys, in line with analysts’ forecasts.

Full-year net profit was 393.4 million zlotys, while the bottom line was 131.5 million in the fourth quarter alone.

Analysts had expected 88 million for the quarter, but their estimates did not include one-off items.

The largest of these came from Asseco’s Israeli unit Formula Systems, which booked a $57.1 million revaluation gain after Formula’s stake in its subsidiary Sapiens went below 50 percent.

$1 = 3.0475 Polish Zlotys Reporting by Anna Wlodarczak-Semczuk and Marcin Goettig; Editing by Mark Potter

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