Tieto Q1 net profit plummets

Source: Tieto

Highlights - January-March

  • Net sales totalled EUR 438.0 (468.3) million, down 6%. Main part of the sales decline is attributable to exchange rates. In local currencies, net sales declined by 2%.
  • Operating profit amounted to EUR 4.9 (24.6) million.
  • Operating profit, excluding one-off costs related to the Performance Improvement Programme, amounted to EUR 21.3 (37.7) million, representing an operating margin of 4.9% (8.1). 
  • Profit after taxes was EUR 1.0 (16.3) million.
  • Net cash flow from operations amounted to EUR 42.0 (64.6) million.
  • Good flow of new outsourcing agreements including Fonecta, Ruukki and Nokia Siemens Networks.
  • Tieto expects the IT services market to decline in 2009 and tough market conditions to continue. Therefore Tieto expects its full-year net sales and operating profit to decline from last year. In the Nordic countries, the company sees good prospects in outsourcing.

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