Electronic payments specialist Trintech made profits of $434,000 (€330,000) in its third quarter, according to figures released yesterday by the Irish-based company.

The New York and Frankfurt-listed company yesterday reported a near 50 per cent increase in revenues in the three months to the end of October to $15.1 million from $10.5 million during the same period in 2003.

Trintech made a pre-tax profit in the period of $571,000 compared with a $1.2 million loss last year. Its net profit for the quarter was $434,000 against a $1.2 million deficit in 2003.

Earnings per share (eps) for the quarter were 1 cent (US), compared with a 4 cent loss in 2003.

The figures show that the company's cost base remained stable from year to year. Gross margins shrank slightly to 57 per cent from 58 per cent. Operating costs for the third quarter were $8.1 million compared with $7.4 million last year.

This was helped by the fact that Trintech spent $273,000 on restructuring in the third quarter of last year, but had no such costs during the same period this year.

That was Trintech's fourth consecutive profitable quarter in a row. The group entered the black for the first time since its flotation in 1999 in its final quarter of 2003, which actually ended on January 31st. (Its financial year begins in February.)

The group had eps of 3 cent in the nine months to the end of October on net income of $869,000. During the same period in 2003, it returned a loss of 12 cent per share after making a total loss of $3.7 million.

Revenues for the nine-month period grew 33 per cent to $40.7 million from $30.7 million during the same period in 2003. Operating profit was $801,000, but an interest and foreign exchange gain brought pre-tax earnings to just over $1 million.

Trintech makes security software for electronic payment systems such as ATMs, and credit and debit cards.