Romanian IT group Bittnet Systems (BNET) recorded a 3.7% decline in revenues from customer contracts in the first quarter of 2021 (Q1) compared to the same period of last year to RON 20.2 mln (EUR 4.1 mln).

The gross margin dropped by 22% to RON 4 mln, the operational profit (EBIT) went down into the negative territory (-RON 977,000 vs RON 788,000 in Q1 2020), and the bottom line showed a loss of RON 500,000, almost triple compared to the same period of 2020.

Despite the negative evolution in Q1, the company’s management maintains its budget estimates for 2021, according to the company's financial report.

Investors on the Bucharest Stock Exchange reacted negatively to these results and the price of BNET shares was down 5.3% on Monday (May 17).

editor@romania-insider.com

(Photo source: the company)