Bematech's Q2 earnings up 6.1% sequentially, but drop 60.3% year-on-year

Wednesday, August 10, 2011

Brazilian IT firm Bematech's total net profits grew 6.1% to 3.3mn reais (US$2.1mn) in Q2 compared to the first quarter of the year, but fell 60.3% year-on-year, the company said in a statement.

Net revenues were down 1.7% over Q1, to 69.5mn reais. In a year-on-year comparison, the decrease reached 15.2%. Ebitda was down 55.2% year-on-year, totaling 6.9mn reais.

"In the second quarter, Bematech reported results in accordance with our expectations and movements related to restructuring and the business expansion strategy," said company president Cleber Morais.

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Considering the three business areas Bematech works in - hardware, software and services - sales of software and licenses totaled 16.8mn reais in Q2, up 4.9% sequentially and 23.4% from the year-ago period.

With its hardware unit, Bematech's net revenue was up 5.8% from Q1, reaching 43.6mn reais. The services area, in turn, reported 9.2mn reais in operational net revenue.

Bematech also reported 3.7mn reais in R&D investment.