M-real books positive non-recurring item in first quarter
March 10 2010 M-real books a positive twelve million Euros IT related non-recurring item in the first quarter results.
M-real reverses earlier made IT cost provisions and books a positive non-recurring item of twelve million Euros in its operating result for the first quarter of 2010. In segment reporting nine million Euros is included in "other operations" and three million in "discontinued operations."The reversal of the provisions relates to the new IT service contract with Tieto, which was announced in the beginning of December last year, as well as to the renewed IT-contract with IBM, which M-real signed today.As earlier announced, the annual cost savings resulting from changes in IT services are expected to amount to approximately 30 million Euros.