Comnitel fails to stem losses trend as accounts show €8.5m deficit

CORK software firm Comnitel Technologies continued to make significant losses, its latest accounts show, racking up a deficit of €8.5 million in 2003.

The figure brings to €26 million the total Comnitel has lost since it was set up in 1999.

The company develops software for mobile phone operators and last November it agreed a takeover with American firm WatchMark. The company’s accounts show that it is heavily dependent on its partner for survival and it received €1.9m loan from WatchMark during the year.