VisualSoft Q3 net slips by 73%

HYDERABAD: VisualSoft Technologies Ltd., a Hyderabad based software services

and product manufacturer has recorded a net profit of Rs 5.63 crore for October

December of 2001-2002, down 73.22 per cent against the Rs 20.65 crore in the

same period previous year.

Income from software sales for the company were at Rs 24.45 crore, which is

down 39.64 per cent compared to the Rs 40.51 crore in the third quarter last

year. Other income stood at Rs 1.59 crore for this quarter as against Rs 1.14

crore recorded for the same period last year.

"The focus for the growth of the company has been targeted as the high

end technology oriented services. Appropriate steps such as acquiring domain

expertise on key verticals and strengthening direct marketing efforts are being

taken," said VisualSoft director finance K Krishnam Raju.

The company has achieved a 21.45 per cent year-on-year growth on service

revenues for the quarter ended December 31, 2001. When compared on a quarter on

quarter basis the company has earned a growth rate of 4.18 per cent in total

revenues and 18.24 per cent in net profit.

The company stated in a statement that the depreciation had increased by 111

per cent to Rs2.15 crore compared to Rs 1.02 crore recorded for the same period

last year. The total expenses were down 5.17 per cent at Rs 17.96 crore.