Polaris Soft posts net loss of $1.29M in Q3-06

By agencies   |   Tuesday, 31 January 2006, 08:00 Hrs
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CHENNAI: Polaris Software Lab Ltd has reported a net loss of $1.29 million on revenues of $46.2 million for the third quarter of 2005-06, against a net profit of $4.15 million on revenues of $47.54 million for the same quarter last year.

Selling and marketing expenses were at $4.34 million ($4.11 million), general and administrative expense was $5.75 million ($5.58 million). Announcing the quarterly results, company’s Chairman and CEO, Arun Jain said, “It was a bad quarter. With a few major orders in the pipeline, we expect better results in the coming quarters.” This is the first time the company has posted a loss since it’s listed, he added.

Polaris has won a large outsourcing deal from a multinational company that would see a team size of 500-600 people to be built in the next couple of quarters, he said.

The deal is with Chilean bank that would give annual revenue of $3-4 million. There is also an order from a large European customer. Polaris is also in a few large RFPs (request for proposals) that may fructify in the coming quarters.

The overall employee utilization rate reduced to 72.75 percent in December 2005 compared with 77.10 percent the previous quarter. With a healthy pipeline the target is to reach 80 percent in the next few quarters, Jain said.

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