Trintech reports interim surplus

Electronic payments specialist Trintech yesterday reported operating profits of $241,000 (€200,000) in the six months to the end of July, the first time it has shown a surplus at the interim stage since it floated five years ago.

The Irish-based company quoted on Nasdaq and in Frankfurt reported that turnover in the first half had grown 25 per cent to $25.6 million from $20.3 million in 2003. The operating income for the period of $241,000 compared with a loss of $2.8 million in the same period last year.

Interest income of $156,000 and a foreign exchange gain of $114,000 boosted its pre-tax profit for the six-month period to $511,000, compared with a loss of $2.5 million under that heading the first half of last year.

Earnings per share were 1 US cent, compared with an 8 cent loss during the same period in 2003. Earnings per American Depositary Share (ADS), the instrument quoted on New York's Nasdaq market, were 3 cents, as against a 16 cent loss in 2004.

Trintech developsand sells secure payment software for credit card and automatic teller machine systems. It floated in the autumn of 1999, one of a raft of Irish hi-techs to go to the markets at that time.

This last quarter was its third profitable quarter in a row.

In the three months to the end of July, it had operating income of $221,000 compared with a loss of $2 million in 2003. Pre-tax earnings were $427,000, as against a $1.8 million deficit last year. Revenues for the quarter were up over 30 per cent at $13.2 million. Earnings per share were 2 cents, compared with a loss of 12 cent last year.

The company's stockbroker, Davy, yesterday described the results as strong and said that the stock was undervalued.