Sify Technologies reports $4.13 mn Q2 loss

CHENNAI, INDIA: Sify Technologies Limited, a player in the field of consumer Internet and enterprise services in India, today reported a net operating loss of $ 4.13 million for the second quarter of the financial year.

The company had made a net operating profit of $ 0.49 million in the same quarter in the previous year, a press release said. Net loss including exceptional items was $ 5.65 million, it added.

Revenue for the quarter ended September 30, 2008 stood at $ 34.40 million, 9 per cent higher than the same quarter in the previous year, and 6 per cent higher than the immediately preceding quarter.

The Enterprise business registered growth at 13 per cent over the previous quarter, while the consumer business’ revenues were 7 per cent lower than the previous quarter.

Sify ended the quarter with a cash balance of $ 5.12 million after capital expenditures of $ 6.73 million during the quarter, the press release added.

Raju Vegesna, Board Chairman and CEO and MD, Sify Technologies, said, “Our enterprise services grew strongly during the quarter, and we expect to continue to grow this business in the coming quarters despite the expected slowing down of the Indian economy to 6 to 7 per cent growth going forwards.”