Sify reports Q1 net loss at $1.19 M
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Sify reports Q1 net loss at $1.19 M

By SiliconIndia   |   Wednesday, 21 July 2004, 07:00 Hrs
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CHENNAI: Sify Ltd has reported a decrease in net loss to $1.19 million during the first quarter ended June 30, 2004, according to the US GAAP as compared to a net loss of $4.5 million for the same quarter last year. Sify made a profit of $0.51 million in the immediately preceding quarter ended March 31, 2004, which included a one-time gain of $1.37 million on the sale of Sify's interest in Wisden CricInfo.

According to the consolidated US GAAP results, the company registered a cash profit (in adjusted EBITDA terms) of $1.65 million during the quarter, compared to a cash loss of $1.39 million for the same quarter last year and a cash profit of $2.59 million in the immediately preceding quarter.

The company recorded a sales revenue of $16.91 million for the first quarter ended June 30, 2004, an increase of 29.4 percent over the same quarter last year, but 5.7 percent lower than the revenues in the immediately preceding quarter.

Sify MD and CEO, R Ramaraj said "The company has expended significant effort and costs to prepare itself for growth in our operations. We expect that our performance during the rest of the year will show the results of those efforts. In particular, we hope to grow our presence in broadband Internet access and managed international infrastructure services. We also continue to seek opportunities to grow our business internationally, and the recent acquisition of EAP is an early step in that direction. "



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