Irish mobile phone services company Zamano said this morning first-half profit fell 56.3 per cent on higher costs, currency fluctuation and a slowing economy.
Net income for the six months ended June 30th declined to €516,000 ($759,240), or 0.006 cents a share, from €1.18 million, or 0.017 cents, a year earlier, the Dublin-based company said today in a statement. Sales advanced almost threefold to €23.7 million euro.
"Taking account of the challenging regulatory environment and economic environment along with the negative currency movement, the board is satisfied with the performance in the first half of 2008," the statement said.
A slowing of the global economy, higher borrowing costs and falling house prices have dampened consumer spending in the UK and Ireland, Zamano's main markets.
Bloomberg