May 19 (SeeNews) - Romanian IT group Bittnet Systems [BSE:BNET] said it posted a net loss of 2 million lei ($448,800/415,300 euro) in the first quarter of 2020 compared to 3.3 million lei in the same period of last year.
Bittnet’s first-quarter consolidated revenues reached 19.25 million lei, an increase by 21% year-on-year, Bittnet said in a statement filed with the Bucharest Stock Exchange on Monday.
The group's education division had by far the best first quarter in its history, as the revenues generated by Bittnet Training and Equatorial Gaming were about 112% higher than in the first quarter of 2019.
The company posted an operating profit of 9,427 lei during the January-March period, compared to a 2.18 million lei operating loss in the like period of 2019, mostly by keeping fixed expenses under control.
After a state of emergency was declared in Romania in mid-March, all courses and seminars delivered by Bittnet Training migrated to live-virtual format, the group said, adding that less than 10% of all classes were postponed or cancelled in the second half of March.
Bittnet was founded in 2007 by Mihai and Cristian Logofatu. The company focuses on IT training and delivering end-to-end IT infrastructure services and solutions from companies like Cisco, Microsoft, Dell, VMware and HP, among others.
It was the first Romanian IT company to be listed on the BVB, in April 2015.
Its shares traded 0.81% higher at 1.125 lei as at 1014 CET on Tuesday on the AeRO market of the BVB.
(1 euro=4.8392 lei)