Wasko: net profit falling by 99% in 2016

The net profit of Wasko, one of the biggest Polish IT integrators, fell by 81% in the fourth quarter of 2016 to PLN 1.5m (€0.3m) from PLN 7.9m (€1.8m) in the corresponding period in 2015. The sales revenues were lower by 43% and amounted to PLN 70.2m (almost €16m).

In the whole year, the group’s net profit fell by 99%, to PLN 271,000 (€61,590) from PLN 26.4m (€6m) in 2015. The sales revenues turned were more than a half (53%) lower than in 2015 (PLN 209.6m, or €47.6m, in 2016).

Those declines mainly result from (as in the case of other major integrators in Poland) the drop in the public procurement market. The share of sales to the public administration sector dropped in volume from 41.3% in Q4 2015 to 10.6% in Q4 2016. At the same time, transport companies started to order more in the last quarter (16.1% compared to only 2% in Q4 2015).