May 19 (SeeNews) - Romanian software developer Life is Hard [BSE:LIH] said that its net profit soared by 384% year-on-year to 1.6 million lei ($348,015/321,731 euro) in the first quarter of 2023.
The company’s turnover climbed by 14% on the year to 6.9 million lei in the first three months of 2023, it said in an unaudited financial report filed with the Bucharest Stock Exchange, BVB, on Thursday.
Operational revenues rose by an annual 23% to 8.7 million lei, while operational expenses inched up by 2.9% on the year to 6.7 million lei.
The company’s business insurance line was the main growth driver, slicing a 49% share in total sales and jumping by an annual 73% in the January-March period. The business telecommunications division represented 43% of the company’s turnover in the review period, after increasing by 6% on the year.
Total assets amounted to 67.9 million lei at the end of March, up 3% since the end of December.
In 2022, the company booked a net profit of 4.5 million lei, up 26% on the year, it said in a press release in February.
Life is Hard was established in 2004 in the northwestern county of Cluj and is listed on the AeRO market of the Bucharest Stock Exchange.
Its shares traded 0.83% lower at 2.4 lei as at 1113 CET on the BVB on Friday.
(1 euro=4.9731 lei)