Transaction Network Services, the US company which is pursuing a formal complaint to the European Commission against the Government over the decision not to put the An Post social welfare payments out to tender, has reported second quarter profits after tax of $3.13 million. The latest results compares with second quarter 1998 profits of $2.24 million.

The company, which provides data communications services for transactions-oriented applications, reported a 109 per cent jump in revenue to $42.7 million for the quarter.

The fall in profit margins from just under 11 per cent to 7.3 per cent will be reversed in the current half, according to managing director Mr Pat Kirby. Revenue for the six months to end June was $80.8 million, up from $38.5 million for the corresponding period of 1998.