Geometric net profit up 34% yoy

HYDERABAD: Geometric Software Solutions has announced that its consolidated revenue for the quarter ended June 30, 2003 increased to Rs 24.03 crore, as compared to Rs 19.9 crore for the corresponding quarter last year, representing an increase of 20 percent. On a sequential quarter on quarter basis, consolidated revenues grew by 2.6 percent, Rs 24.03 crore for the quarter ended June 30, 2003 as compared to Rs 23.43 crore for the preceding quarter.

Consolidated net profit for the quarter ended July 30, 2003 increased to Rs 4.1 crore, as compared to Rs 3.07 crore for the corresponding quarter last year, representing an increase of 34 percent. The net profit for the current quarter represents a decline of 14 percent sequentially viz., Rs 4.1 crore as compared to Rs 4.8 crore over the immediate preceding quarter ended March 31, 2003.

Commenting on the results, Geometric MD Manu Parpia said, 'While we have seen a significant improvement year on year, our quarter on quarter growth reflects the difficult economic climate faced by our customers and partners. We have however anticipated this difficult economic climate when arriving at our guidance for the 12 months and confirm the same.'.

(CNS)