Limerick software firm Tango Telecom had an operating profit of €243,430 in 2006 but still had retained losses of €2.1 million, according to documents just lodged with the Companies Office.

Chief executive Colm Ward said the company had "made a lot of progress" this year and expected revenues by year end to be up about 80 per cent on 2006.

Tango, which recently moved to large premises in the National Technology Park in Limerick, employs 50 people. It sells charging and messaging software to telecommunications providers and Mr Ward said that it had been experiencing strong growth in Asia, Latin America and the Middle East.

In August, the company opened offices in Mexico City to support contracts with Mexican mobile operator Iusacell and America Movil, the firm controlled by Carlos Slim Helú, who was recently revealed to be the world's richest man.

Mr Ward said that Tango would shortly be opening an office in Dubai to handle sales and support for the Middle East. He said five telecoms firms in the region were already using its software. Tango has also won contracts with leading Indonesian operator Indosat and Sudanese operator MobiTel.

Mr Ward said that, as a result of the holiday to mark the end of the Muslim holy month of Ramadan, Tango's software had processed 150 million text messages in one day this week.

Founded in 1999, Tango has been profitable since 2004. Initial seed capital was raised from Delta Partners in March 2000. Software industry veteran Dr Jim Mountjoy has also invested, as has Shannon Development.

Finnish software firm Comptel Corporation took a 20 per cent stake in the company in March 2002.

The documents also show that Mr Ward has 21.17 per cent of the firm's issued capital. Kay Mulqueen, the firm's vice-president of engineering, and Kieran Kelly, chief technology officer, hold 8.58 per cent each.