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Geometric net down 36 percent
By siliconindia
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Tuesday, 15 January 2008, 20:30 IST
Mumbai: Mumbai based Geometric Software Solutions, provider of product life cycle management services, has reported a 35.5 percent fall in consolidated net profit for the quarter ended December 31 to Rs 6.79 crore as compared to Rs 10.54 crore, last year.
There was a 13.3 percent increase in total income for this period. The revenue increased to Rs 126.5 crore from Rs 111.6 crore for the quarter ended December 31, 2006.
On a stand-alone basis, Geometric`s net profit was down by 82.1 percent to Rs 1.48 crore as compared to Rs 8.29 crore recorded a year ago. Total income decreased by 7.9 per cent to Rs 48.75 crore (Rs 52.98 crore)
The reason behind the net losses in the quarterly numbers could not be immediately ascertained. However, analysts feel that the acquisition of U.S. based Modern Engineering could be one of the factors that impacted the company's bottom line. In 2006, the company had acquired the engineering division of Modern Engineering for $32 million.
According to a report published by Motilal Oswal Securities June last year "Losses in Modern Engineering are expected to be continued over the next two quarters."