The Hindu Business Line : Northgate Tech reports Rs 45-cr loss

Hyderabad, July 31 Northgate Technologies has posted a loss of Rs 45.53 crore in the quarter ended June 30, 2009, against a profit of Rs 22.43 crore in the same quarter of last year.

The revenues dipped to Rs 10.83 crore (Rs 173.50 crore). The company attributed the loss to the closure of its offices in China, Hong Kong, Singapore and the US and termination of some important agreements there.

In order to infuse funds, the company has put BharatStudent on sale. It is expected to complete the sale by October.

For the financial year ended March 31, 2009, the company posted revenues of Rs 560 crore and a loss of Rs 295.44 crore.

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