Itautec drops US$8.4mn into the red

- Wednesday, March 9, 2011

Itautec drops US$8.4mn into the red

Brazilian PC maker Itautec posted a net loss of 13.8mn reais (US$8.4mn) during the fourth quarter of 2010, compared with a net profit of 21mn reais in the year-ago period, with results dragged down by a drop in sales.

Quarterly revenues were 417mn reais in comparison to 556mn reais in the year-ago period.

Yearlong net profits were off more than 77%, reaching 11.5mn reais. Total revenues, excluding sales from the Tallard Technologies IT distributor division, increased 19% to 1.57bn reais.

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In July 2010, Itautec completed the sale of Tallard Technologies to US IT wholesaler Avnet Technology Solutions (NYSE: AVT).

To see the full results in Portuguese, follow this link