Nordic IT services vendor Tieto has reported a net profit of E1.6m ($2m) for the fourth quarter 2008, compared to net loss of E71.9m ($92.8m) in the year-ago quarter, on revenue up marginally at E492m ($635.5m).
Operating income was E23.6m ($30.4m), compared to a loss of E63.8m ($82.4m), while EPS was E0.02 ($0.026).
During the quarter, banking and insurance revenue fell 7.3% to E76m ($98.1m), while telecoms and media declined 7.4% to E174m ($224.7m), and government, manufacturing, and retail rose 15.2% to E53m ($68.4m). Healthcare and welfare sales rose 24.4% to E51m ($65.8m), processing and network grew 3.5% to E119m ($153.7m), and forest and energy sales up 4.3% at E48m ($62m).
For the full year, it reported a net profit of E59.9m ($77.3m), compared to a loss of E32.3m ($49.2m) last year, on revenue up 5.3% at E1.86 billion ($2.4 billion).
Hannu Syrjala, president and chief executive at Tieto, said: The macroeconomic environment has continued to deteriorate, and therefore we anticipate the IT markets to be challenging in 2009. During 2009, we will continue to focus on implementing our new business structure and operating model, supporting our customers through this economic downturn with high value-adding services, and maintaining our profitability.
