-Atea net profit goes up to NOK88.4m in Q1 2011

Internet Business News
04-28-2011
-Atea net profit goes up to NOK88.4m in Q1 2011

INTERNET BUSINESS NEWS-(C)1995-2011 M2 COMMUNICATIONS

28 April 2011 - Norwegian IT group Atea ASA (OSL: ATEA) said today it generated a net profit of NOK88.4m in the first quarter of 2011, up from NOK73.8m in the previous year.
Operating revenues surged 30.2% on the year to NOK4.65bn beating the NOK4.535bn market consensus. Claus Hougesen, CEO, said he was very satisfied with a double-digit growth in a market which will expand by 6.3% in 2011, according to the International Data Corporation (IDC).

Hardware sales improved by 34.8%, services were up 36.6% and software sales jumped 10.0%.

EBITDA rose 34.6% on an annual basis to NOK161.1m. The EBITDA margin went up to 3.5% from 3.4% a year earlier.

In the first quarter, Atea generated an operating profit of NOK109.7m, up 44.1% on the year. The result is lower than analyst forecasts for NOK114m.

The IT company retained its target for an operating revenue of NOK20bn and EBITDA of NOK1bn in the full 2011.

((Comments on this story may be sent to info@m2.com))

(Copyright M2 Communications, 2011)