Irish electronic payment software provider Trintech narrowed its losses in the fourth quarter of 2002 as it continued to trim costs but revenues remained static.
Trintech reported a net loss before one-off charges of $0.5 million for the quarter ended January 31st, 2003.
Operating expenses fell by 35 per cent since the same quarter last year and by 10 per cent on the previous quarter. Revenue was $10.5 million in the fourth quarter, down 8 per cent from the $11.4 million achieved in the third quarter.
Commenting on the results Trintech's chairman and chief executive Mr Cyril McGuire, said he was confident that the company would return to profitability on a pro-forma - stripping out one-off charges like restructuring - by the middle of next year.
Mr Maguire added that the Trintech restructuring is nearing completion and the company's prospects will hinge on the electronic payment industry which is still consolidating.