BFL Q1 net dips 17.4%

Bangalore-based BFL Software Limited reported a dip in net

profit of 17.4 percent for the first quarter (Q1) of 1999-2000 over the corresponding

quarter of the previous period. BFL said its Q1 profits stood at Rs 4.20 crore against the

net profit of Rs 5.09 crore in Q1 of 1998-99. Total income during the same period,

however, rose 30 percent to Rs 29.42 crore from Rs 22.55 crore. BV

Venkatesh, Managing

Director, BFL, said the dip in net profit was due to the change in the depreciation

policy, the investments in marketing and capacity building for the future and setting

aside of Rs 93.53 lakh for employee stock option. The change in depreciation policy has

resulted in an additional charge of Rs 82.34 lakh in Q1 of this fiscal.

Meanwhile, BFL announced that it has signed a memorandum of

understanding to acquire Complex Systeme of Germany, a healthcare software solution

company, for $1.50 million to be paid over three years.