Trintech Group reported a pre-tax loss of $4.8 million (€4.85 million) for the third quarter, a significant reduction on the $15.7 million loss reported in the same period in 2001.

The firm, which develops technology that enables electronic payments, continued to cut costs sharply through its restructuring plan, and saw revenues fall to $11.4 million, down from $17.4 million on the third quarter in 2001.

Trintech said a 39 per cent drop in revenues reflected the ongoing fragile state of the global economy.

This had resulted in slower payment infrastructure investment decisions and longer sales cycles for Trintech's secure payment infrastructure solutions.

Trintech will almost certainly miss a previous target of turning a profit in the fourth quarter, although Trintech chief executive Mr Cyril McGuire said yesterday profitability would be achieved in the near-term.

He said Trintech's results were solid but ruled out any dramatic change in the depressed economy.

Trintech has completed a major restructuring and its results showed a restructuring charge of $800,000 for paying off staff during the third quarter.

Total operating expenses fell to $9.5 million in the third quarter, down from $23.4 million in the same period in 2001. Net loss per American Depository Share was 30 cents, down from a net loss of 98 cents in the same period of 2001.

Shares in Trintech closed up 2.3 per cent at €2.21, adding to recent gains made when Trintech received approval for a $5 million share buy back. This is scheduled to begin on December 2nd.

Mr McGuire said the Trintech board had not discussed whether to take the firm private, despite a recent trend in the Republic that has seen Conduit, Riverdeep and Alphyra consider buy out offers.