The Hindu Business Line : Subex annual net loss at Rs 188 cr

Bangalore, May 26 Subex Ltd’s losses widened further for fiscal 2009 largely due to foreign exchange losses, while its net sales grew 15 per cent. The company did not provide a forecast for fiscal 2010.

For 2009, the net loss was Rs 188.36 crore, compared with Rs 68.07 crore in the previous year, the company said in a statement. For the nine-month period ended December 2008, the net loss was Rs 153.08 crore. Subex did not disclose how much loss it made in the fourth quarter.

Net sales for the period were Rs 558.49 crore, up from Rs 485.59 crore in fiscal 2008, Subex said. For the fourth quarter, the revenue was Rs 119.79 crore. For the nine-month period, the revenue was Rs 438.70 crore.

Mr Subash Menon, Founder Chairman, Managing Director and CEO, said losses from restatement of FCCBs (foreign currency convertible bonds) and mark-to-market losses on option contracts were about Rs 203 crore for the period.

Mr Menon said the company has been able to significantly contain costs, mostly by transferring engineering work to less expensive countries such as India. Going forward, costs would be under control and revenues will move up.

The deal pipeline was about $360 million, and in fiscal 2009, it could convert 20 per cent of the pipeline into actual deals, he said. The deal cycle has become longer, but the company expects an improvement.

More Stories on : Financial Performance | Software

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Court tells BSNL to give reasons for disqualifying Nokia Siemens offer

Subex annual net loss at Rs 188 cr

NIIT Tech Q4 net profit dips 15% on hedging losses

Tata Comm net surges in Q4

Wipro Info launches enterprise data centres

IBM unveils infrastructure lab

Online access to videos channels

RCom gets nod for demerger of optical fibre division

Telecom sector leads M&A activity in India

Funding the merger not a major issue: Bharti

Chandrasekaran to succeed Ramadorai as TCS chief

Acer launches 2 new brands