Polaris net down by 42% at $3.01 million

By agencies   |   Monday, 24 October 2005, 07:00 Hrs
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CHENNAI: Polaris Software Lab has reported a decline in its net by 42 percent to $3.01 million for the second quarter of the current financial year, as against $5.24 million during the corresponding period last year.

However, its revenue for the quarter increased to $48.53 million. Whereas, selling and marketing expenses were increased to $46.07 million, the company stated.

The Chennai-based software company had added 14 new customers, including three large global institutions. Each of the three clients had the potential to grow to a revenue base of $5-10 million annually within the next 12-24 months, the company added in its statement.

During the period, Polaris added 40 employees taking the total to 5,890 employees.

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