Sify reports $1.49 mn profit in Q2

Friday, 20 October 2006, 07:00 Hrs
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CHENNAI: Sify Limited, a leader in consumer Internet and enterprise services in India with global delivery capabilities, has posted a net profit of $1.49 million during the quarter ended Sep 30.

The company said its consolidated US GAAP results for the second quarter showed revenues of $30.1 million for the quarter, 17.9 percent higher compared to the same period in 2005, it was announced here Wednesday.

Sify had a net loss of $1.34 million in the second quarter of the previous fiscal year, though it had reported a net profit of $1.36 million in the first quarter of the current fiscal.

It ended the quarter with a cash balance of $50.39 million after capital expenditure of $1.76 million during the quarter.

"We are beginning to see the effects of the business analysis and structuring conducted during the first two quarters of this year in the form of improved margins and better cost management," Sify chairman Raju Vegesna said.

"I believe the full benefit of these changes will be more evident six to nine months from now as we move closer to realising our vision of ensuring profitable growth through leveraging greater synergies across businesses," he added.

Sify has also bagged the Frost & Sullivan Market Leadership Award for IP VPN Markets for 2005-2006 - for the third consecutive year.

The award was given for Sify's strong performance in 2005-06, with its market share in the VPN space in India at 37.2 percent.
Source: IANS
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