IT services company TietoEnator has reported a 270% increase in net profit to 18.7m euros ($30m) for the second quarter, on revenueup 11% at 480m euros ($761m).
For the first half, the company reported a 20% increase in net profit to 35m euros ($55m) on revenue up 8% at 948m euros ($1.50bn). During the quarter, processing and network revenue grew 16% to 113m euros ($179m), healthcare and welfare revenue rose 25% to 42m euros ($67m), telecoms and media revenue increased 10% to 178m euros ($282m), and banking and insurance revenue grew 9% to 77m euros ($122m). Geographically, Finland and Sweden contributed to 74% of revenue.
Hannu Syrjälä, president and chief executive at TietoEnator, said: "The second-quarter results strengthen our view that we are on the right track in turning the company around. We have concluded several major agreements in 2008 and succeeded in outpacing our market in many areas, reflecting the good momentum in the company.”
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