Nucleus Software's net dips 43 percent in Q1

Nucleus Software's net dips 43 percent in Q1

By SiliconIndia   |   Wednesday, 23 July 2008, 12:51 Hrs
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Mumbai: A global banking products and solutions provider Nucleus Software Exports on Monday announced consolidated net profit of Rs 8.03 crore for the first quarter ended June 30, 2008, a 43 percent decline over the corresponding period a year-ago. In the first quarter of the last financial year, the company's consolidated net profit was Rs 14.01 crore.

The consolidated total revenue of the company rose to Rs 82.90 crore in the latest quarter, from Rs 66.66 crore in the year-ago period. "The number of new projects has fallen and has affected the reported numbers. The quarter figures do not truly represent the long-term potential of the company and that with their constant efforts to deliver quality and price performance, we would continue to grow both revenue and profits in the medium-term," said Nucleus Software Managing Director, Vishnu R. Dusand.

"While our markets are not affected significantly by the prevailing economic conditions, we have observed delays in conclusion of order negotiation," he added.

For the quarter ended June 30, the company bagged orders for 27 new product modules, added eight new customers, implemented nine product modules and added 40 new employees taking its global head-count strength to 1976.

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