Mastek, Aztec report robust profits

By agencies   |   Thursday, 13 April 2006, 07:00 Hrs
Printer Print Email Email
MUMBAI: Tier two IT services firm, Mastek Ltd has posted a 25.4 percent increase in its consolidated net profit for the third quarter ended March 31, 2006 at $3.93 million compared to $3.1 million in the corresponding quarter previous fiscal.

Income for the company during the reporting quarter increased 19.6 percent to $40.79 million compared to $34.11 million in the same period last year, the company said in a release here today.

"The rise is a result of faster growth in revenues than costs and also an increase in manpower utilization by one percent," a company official said.

During the quarter, Mastek billed three additional customers. The first was with a Fortune 500, top 10 global insurance major in helping them manage their channels in Asia. The second engagement, which saw a ramp up to a million dollar in this quarter itself, was in their area of new business acquisition.
In the Asia Pacific region, Mastek commenced an assignment with a Thailand-based commercial bank during the quarter.

During the quarter, Mastek U.K. signed a partnership agreement with Euriware of France, a consulting and IT services major and a wholly owned subsidiary of energy group Areva, to jointly win business in France and create a dedicated software development center in India.

Meanwhile Mumbai based Aztec Software and Technology Services Ltd (Aztec) posted a 60 percent increase in its consolidated net profit at $2.39 million for the fourth quarter ended March 31, 2006.

The consolidated revenue of the company (including its subsidiaries) for the quarter ended March 31, 2006, grew 52 percent at $12.4 million in the year-ago period, the company informed the National Stock Exchange.

The Board has decided to pay a dividend of 20 percent, which would be subjected to shareholders approval, it said.

SPOTLIGHT
Facebook denies cyber attack
Facebook ruled out a cyber attack on its products Whatsapp, Instagram and Messenger, which suf..
IBM announces programme
n a bid to recognise the contribution of developers in the open source community, Information ..
Wipro opens third industrial
IT major Wipro Ltd on Thursday opened its centre of excellence for Industrial Internet of Things (..
Google's Gboard gets offline
Google is adding an Artificially Intelligent (AI) offline dictation feature on its Gboard keyb..