Swedish Eniro net profit Q2 June 2011

Swedish Eniro net profit Q2 June 2011 ; Swedish search and directory services provider Eniro AB (sto:ENRO) turned to a net profit of SEK55m in the second quarter of 2011 topping analyst expectations by 34%.

A year earlier, the company posted a bottom-line loss of SEK108m as it paid taxes of SEK284m. In comparison, Eniro booked a tax gain of SEK2m in April-June this year.

The firm's second-quarter revenues shrank 20% year-on-year to SEK1.151bn. However, the top line was still slightly better than the SEK1.134bn average estimate in an analyst poll by SME Direkt. Organic revenue decline was 8%, compared with an expected drop of 9.4%.

Second-quarter EBITDA plunged 28% year-on-year to SEK285m. However, this year's result was 14% better than the market consensus. The EBITDA margin slid to 25% from 28% versus an expected 22.1%.

In the first half of 2011, Eniro's bottom line showed a profit of SEK2m compared with a year-earlier loss of SEK102m. The company foresees a single-digit organic decline in revenue for the full 2011, which is expected to turn to growth in 2012.

(EUR1 = SEK9.2)