Sify's Q2 net loss at $1.85 million, CFO quits

By siliconindia   |   Friday, 17 October 2003, 19:30 IST
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CHENNAI: Internet company Satyam Infoway Ltd (Sify) has recorded a net loss of $1.85 million for the quarter ended September 30, 2003 as against $9.52 million reported for the corresponding quarter previous year. Sales revenue rose by 43 per cent at $14.50 million. A Sify release said that the company incurred a reduced level of cash loss of $0.34 million during the quarter compared to $3.34 million for the same quarter last year. Cash burn for the quarter was $ 0.9 million. The company’s chief financial officer T R Santhanakrishnan has put in his papers. He is slated to join Sutherland Technologies Ltd. It is pertinent to note that Santhanakrishnan was associated with the company right from its inception. Commenting on the performance, R Ramaraj, CEO said, "Sify's 43 per cent growth in business versus last quarter is a result of strong revenue growth in key business segments."