Asbis: Fiscal 1Q10 Financial Results

ASBISc Enterprises Plc, distributor of IT products in emerging markets of Europe, Middle East and Africa, posted revenues of USD 331 million for the first quarter of 2010 – 39% higher than in Q1 2009.

The company’s gross profit increased by 115% y-to-y to USD 15.4 million, operating profit amounted nearly USD 1.8 million, while net profit exceeded USD 200,000.

"These results represent significant improvement compared to the corresponding period of 2009, indicating strong recovery from the worldwide economic slowdown," said the company.

Comments

Asbis, headquartered in Limassol, Cyprus became a big worldwide distributors of IT products, essentially in Middle East and Eastern Europe countries (Russia, Slovakia, Ukraine, Poland, Czech Republic, Belarus, Romania, Croatia, Slovenia, Bulgaria, Serbia, Hungary, Turkey).

HDD are one of its main activities, representing 14.5% of its revenues in 1Q10 or $47.9 million, a figure increasing by 36% compared to 1Q09. It resells disk drives from all the current manufacturers: Hitachi GST, Samsung, Seagate, Toshiba and WD.

For the last quarter ended March 31, 2010, HDDs represent 27% of total sales or $216 million for Bell Micro (to be acquired by Avnet), the number one disk drive's distributor in the world.