The Hindu Business Line : Lanco Global net plunges

AGAINST the projected export revenues of Rs 24.31 crore for the financial year ended March 31, 2003, Lanco Global Systems Ltd (LGSL), the Hyderabad-based software solutions provider, could actually achieve only Rs 2.78 crore.

Similarly, the company also fell short of its projections of net profit for the year under review. As against the projected amount of Rs 4.09 crore, the company could make a mere Rs 22.46 lakh profit.

For the last quarter of the fiscal year under review, the company achieved a net profit of Rs 4.83 lakh on exports revenue of Rs 79.32 lakh as against the projections of Rs 1.02 crore of net profit on revenue of Rs 6.07 crore.

The LGSL Vice-Chairman, Mr Suresh Chukkapalli, attributed this major variation between the projections and actuals to the unexpected slowdown in the software industry and also the US economy.

As per the unaudited financial results taken on record by the LGSL board, the company achieved a total turnover of Rs 2.78 crore as against Rs 6.08 crore in the previous fiscal and a net profit of Rs 22.46 lakh (Rs 66.64 lakh) on an equity base of Rs 10.64 crore.

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