Asseco Poland 2011 net falls 4 percent, less than forecasts

Reuters News
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Posted: Mar 17, 2012 5:18 AM
Asseco Poland 2011 net falls 4 percent, less than forecasts

WARSAW (Reuters) - Eastern Europe's top software maker Asseco Poland <ACPP.WA> reported a 4 percent drop in 2011 net profit, weighed down by lower margins at subsidiaries and long-term contracts drawing to a close. But it was a smaller fall than analysts had expected.

The group, which is considering a Nasdaq listing, said late on Friday that its net was 397 million zlotys ($126.8 million), compared to a 9 percent drop to 378 million forecast in a Reuters poll of analysts.

Its fourth-quarter net profit was 106.5 million zlotys compared to 87 million expected by analysts.

Asseco is in the midst of a 250 million zloty ($79.2 million) hostile bid for local rival Sygnity <COMW.WA>.

($1 = 3.1566 Polish zlotys)

(Reporting by Dagmara Leszkowicz, Editing by Jonathan Thatcher)