Nordic Business Report-April 13, 2006-TietoEnator Corporation reports lower than expected growth in Q1 2006
(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
Finnish-Swedish IT company TietoEnator Corporation said on Thursday (13 April) that according to preliminary information its first-quarter net sales totalled EUR440m, representing a total growth of around 8%.
Organic growth is expected to account for 3% and growth from acquisitions 5%.
TietoEnator's first-quarter operating profit (EBIT) amounted to some EUR30m, corresponding to a margin of close to 7%, while the guided range was 8-11%.
The lower than expected growth and profitability are mostly due to some under-performing projects and higher than expected restructuring expenses.
One euro (EUR) is worth approximately 0.69 British pounds (GBP).
((Comments on this story may be sent to email@example.com))