Iona cuts loss to $2m and eyes return to profit

IONA Technologies has significantly reduced its third quarter loss to $2 million, leaving the software company poised to return to profits by the end of this year.

Revenues for the three months to the end of September were $17.4m, Iona said yesterday, with the net loss at six cents per share compared to an 80c loss in the same quarter last year.

“I am pleased with our execution in Q3,” said Chris Horn, Iona’s chief executive, who has led a cost-cutting drive since returning to the post this year.