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Aug 28, 2023 12:08 EEST
August 28 (SeeNews) - Romania's IT group Bittnet said it closed the first half of 2023 with a consolidated gross loss of 5.4 million lei ($1.2 million/1.1 million euro), compared to a 1.1 million lei loss reported for the same period of last year.
Total consolidated revenues grew 110% year-on-year to 146 million lei during the first half of 2023, the group's parent company, Bittnet Systems [BSE:BNET], said in a filing with the Bucharest Stock Exchange on Friday.
Bittnet Group's operating result during January-June was also negative, in the amount of a 954,000 lei loss, compared to an operating profit of 3.6 million lei during the like period of 2022. The group attributed the swinging to operating loss to the not fully absorbed impact of the fixed cost increases from H2 2022 which included the rent of the new headquarters plus the remuneration of the team as a result of the inflationary pressure felt since last year.
The decline in the operating result was mainly due to indirect expenses which were 86% higher on the year during the first semester, at 27.6 million lei.
"If we analyze from an annualized perspective (TTM) total revenues amount to 268 million lei, the gross margin exceeds 48 million lei (increasing by 53%) and the indirect expenses amount to 50.7 million lei (compared to 26.2 million lei), so that operating profit is positive: 3.8 million lei lei, approximately 40% compared to the previous period," Bittnet noted.
The group's assets rose to 305.7 million lei at the end of June from 220.6 million lei at end-2022.
During the first six months of the year, Bittnet's equity reached 90 million lei, while its cash position was at a historical maximum of 52 million lei. The company's operating cash flow also exceeded the value of the entire year 2022, reaching 20 million lei.
Founded in 2007, Bittnet is an IT solutions and training group. It employs over 200 staff across 12 subsidiaries.
Bittnet Systems' shares traded 3.09% lower at 0.251 lei as of 1022 CET on August 28 on the Bucharest bourse.
(1 euro=4.93902 lei)
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