The Hindu Business Line : Sify reports cash profit

SIFY Ltd has reported a reduced net loss of $3.09 million on sales revenues of $12.76 million for the fourth quarter ended March 31, 2003, compared to a net loss of $8.59 million on sales revenue of $8.42 million for the corresponding period last year.

For the year ended March 31, 2003, Sify reported a reduced net loss of $27.96 million ($151.53 million) on sales revenue of $41.96 million ($33.18 million), according to a company release.

The reduced loss in the financial year 2003 was mainly due to reduction in impairment — goodwill/assets — to $5.20 million ($109.77 million). The company, which is into Internet, networking and e-commerce, reported a positive cash profit (in adjusted EBITDA) during the fourth quarter for the first time in over 12 quarters. The net increase in cash during the fourth quarter was $0.7 million against a cash burn of $3.5 million in the corresponding quarter last year, Sify's Managing Director and CEO, Mr R. Ramaraj, told presspersons here on Thursday.

Sify also reported a positive cash generation from operations (cash profit less increase in working capital), he said. Corporate services (such as network connectivity, security and messaging services) accounted for 50 per cent of the total revenues during the quarter, access media (dial up Internet and iWay cybercafes) accounted for 34 per cent and interactive services accounted for 8 per cent , he said.

Mr George Zacharias, President and COO, Sify, said that the company planned to invest further, particularly in marketing in the June and September quarters. The spending, which could be a few crore of rupees (amount was not revealed) may result in modest consumption of cash in the two quarters.

Article E-Mail :: Comment :: Syndication

Stories in this Section
MRF Q2 net up; to pay Rs 3 interim

Motorcycle foray helps LML prune loss

Wipro net drops despite strong revenue growth

Sonata net falls 12%; to pay 50 paise

Lanco Global net plunges

Sify reports cash profit

Lord Krishna Bank net seen at Rs 25 cr