EDB Revenue Up 27% As Earnings Dip

IT services company EDB Business Partner ASA has reported net profit down 40% at NOK 51m ($9.55m) for the third quarter, compared to NOK 85m ($15.9m) in the year-ago quarter, on revenue up 27% to NOK 1.85 billion ($347.3m).

The Norway-based company’s operating profit grew 22.6% to NOK 168m ($31.47m), compared to NOK 137m ($25.66m) in the year-ago quarter. It signed contracts worth NOK 750m ($140.5m) during the quarter, and the order backlog at the end of the quarter totaled NOK 12.92 billion ($2.42 billion).

The company’s IT operations revenue declined 4.4% to NOK 889m ($166.5m), while solutions revenue was down 1.2% at NOK 325m ($60.8m). Application services revenue rose 7.9% to NOK 260m ($48.7m), Global sourcing revenue was NOK 56m ($10.5), and IS partner revenue touched NOK 390m ($73m).

Endre Rangnes, chief executive at EDB, said: “EDB was little affected in the third quarter by the crisis in the world’s financial market, and I am very pleased that we can yet again report sound growth in both turnover and earnings.”