Aztec turns profitable

BANGALORE: Aztec Software & Technology Services ltd announced its financial results for the quarter ended June 30, 2003. The results were taken on record by the Board of Directors of the Company at its meeting held on July 9, 2003.

For the quarter ended June 30, 2003, the company - on a consolidated basis - posted a turnover of Rs. 848 lakhs and a net profit of Rs. 27 lakhs. This compares with a turnover of Rs. 761 lakhs and net loss of Rs. 288 lakhs posted in the previous quarter ended March 31, 2003. The company had posted a turnover of Rs. 1123 lakhs and a net loss of Rs. 673 lakhs for the quarter ended June 30, 2002 on a consolidated basis.

The initiatives taken by the company in the last quarter are seeing results. The company has posted profits this quarter. The company had 19 active clients as on June 30, 2003 and added 3 clients during the quarter. The company continues to enjoy a very liquid balance sheet with cash and equivalents of Rs.803.39 million on its balance sheet.

Announcing the first quarter results, S. Parthasarathy, Chairman and Managing Director of Aztec said, 'Aztec is witnessing positive outcomes to some of the initiatives that we embarked on during the last quarter. We have added three new customers to our portfolio and seen a significant percentage increase in our revenues coming from offshore efforts. I am confident that the new initiatives implemented within the company and our consistent focus on technology will only help us grow significantly in the coming quarters.'