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Mastek Q3 net up 38%
By agencies
|
Monday, 11 April 2005, 19:30 IST
MUMBAI:Mid sized software services company Mastek Monday said its quarterly net profit rose 38 percent, as expected, as its key European operations remained buoyant.
The company said net profit rose to 138 million rupees for its third-quarter fiscal ended March 31 from 100 million a year earlier.
Mastek is the only company that earned much of its revenue from its European operations at 67 percent. The company has been trying to make inroads into the U.S. market where its performance has been below expectations. The European revenues grew 12 percent while the U.S. revenues declined by 5 percent in the third quarter.
Mastek also announced its chief executive officer, Sudhakar Ram, would relocate to the United States to steer the business. Mastek said it added three new customers during the quarter that includes an order worth $2.5 million from a U.S. insurance company and a $2 million order from a U.S. investment company for a customer data-warehousing project.
Mastek is in the process of expanding its facilities in Pune to cater to business growth.
