iGate Q4 net doubles, plans new facility

By agencies   |   Tuesday, 11 April 2006, 07:00 Hrs
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MUMBAI: iGate Global Solutions Ltd said that its Q4-06 net doubled. The net income rose to $1 million, or $0.34 per share, for the three months ended March 31, from $0.5 million or $0.01 per share, a year earlier, the company said.

The company’s sales surges 15 percent to $37.95 million from $33.18 million. During the period they added eight customers.

The Bangalore-based company plans to set up its new facility in Dalian and wind up the existing facility in Wuxi in China. The board of the company today proposed to move its existing operations in China from Wuxi to Dalian, iGate informed the Bombay Stock Exchange.

The company would merge the wholly owned subsidiary, iGate Technology Services Pvt Ltd with itself and would be initiating necessary steps in this regard.

Dalian attracts large amount of foreign investment and is a base to several IT companies particularly focusing on the Japanese market.

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