For the three months to March 31, the Oslo-based group reported profit before goodwill depreciation of NOK 79m ($11.4m), up 88% from the same period last year. While operating revenue fell to NOK 1.04bn ($150m) from NOK 1.06bn ($153m), EDB said that after adjusting for mergers, acquisitions and disposals, revenue was in line with the first quarter of last year.
In 2003, EDB went through a tough restructuring process, which included the closure of its Business Consulting division and the cutting of 120 staff in its Bank & Finance operation. These measures contributed to operating costs falling by 5%, while all business areas reported higher EBITA margins than the same period last year.
The company recently acquired the Operating Services Division of Norwegian telecommunications giant Telenor in a deal worth NOK 4.5bn ($650m). It also signed a NOK 2bn ($289m) contract extension with Norway’s biggest banking group Den Norske Bank, and sold its Telecom business to Accenture for NOK 400m ($57.9m), as part of the deal with Telenor.
This article is based on material originally published by ComputerWire
