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Moschip posts Rs 3 Cr loss in fourth quarter
By siliconindia
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Wednesday, 09 July 2008, 01:32 IST
Hyderabad: Moschip Semiconductor has posted consolidated revenues of Rs 6.67 crore, with a loss of Rs 3.14 crore for the fourth quarter ended March 31. The total revenues was Rs 6.16 crore with a loss of Rs 2.06 crore for the corresponding quarter last year.
According to a statement filed with the exchanges by Chairman and CEO K. Ramachandra Reddy, the company posted revenues of Rs 24.38 crore, with a loss of Rs 10.99 crore for the year ended March 31 as against total income of Rs 27.73 crore and loss of Rs 3.55 crore in the previous fiscal. In fact, as per the company's financial statements, it continues to carry audit qualifications.
As per the qualification, the company had invested Rs 37 crore in its wholly owned U.S. subsidiary Moschip (formerly Netmos). The difference between the investment of Rs 37 crore and the net worth of U.S. firm of Rs 11.3 crore at book value as of March 31, has not been charged to profit and loss account.
The company recently announced the acquisition of technology assets of a U.S. firm and expects to close another acquisition.
