Nýherji hf. Third Quarter Results for 2011Nýherji's earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to ISK 376 million for the first nine months of 2011.
Highlights
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EBITDA was ISK 77 million in Q3, as compared to ISK 169 million for the corresponding period last year.
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Net profits totalled ISK 18 million for the first nine months of the year.
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Applicon Denmark posted a loss of ISK 90 million during the quarter due to delays in the delivery of a software solution.
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The operation and performance of all other business units and subsidiaries of the Group was in line with projections.
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Nýherji has entered into an agreement with Landsbanki Íslands to act as a market maker for the Company’s shares.
Thórdur Sverrisson, CEO:
“The performance of the Nýherji Group was below expectations during the quarter. All the Group’s units and subsidiaries performed as projected, with the exception of Applicon A/S in Denmark. In collaboration with a partner in Denmark, the company has been working on the implementation and delivery of an extensive solution for a public entity, and delays in delivery have resulted in substantial additional costs for Applicon. The performance of the Group's other units has been fine and the outlook for the fourth quarter is good.”
See attachments.
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