iSOFT profit slumps 53% in 1H10

iSOFT profit slumps 53% in 1H10

Health IT company iSOFT (ASX:ISF) has reported a 53% decline in net profit for 1H10, due to forex losses and a slowdown in public sector IT spending in certain markets.

The company earned a net profit of $4.8 million, on 14% lower revenue of $237.3 million.

Public sector IT spending had slowed down in Australia, the Middle East and Africa, market segments which contribute a combined 18% of iSOFT’s earnings.

But iSOFT said each of its core units performed as expected or better when measured in local currency terms.

The company added that it expects revenue growth of between 6-10% on a constant currency basis for the whole of FY10.

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Tags e-healthICTfinancial resultsiSOFT

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