Hughes Q3 net down 21.2%, beats forecast

NEW DELHI: Hughes Software Systems Ltd., a communications software developer,

said after market hours on Wednesday its October-December net profit fell 21.2

per cent from a year earlier, better than analysts' expectations.

Hughes, 56.1 per cent owned by Hughes Electronic Corp, said its third-quarter

profit fell to Rs 145 million or Rs 4.32 per diluted share, from Rs 184 million

or Rs 5.26 a share a year earlier.

Net sales for Hughes, whose parent was recently purchased by Echostar

Communications Corp, rose 6.39 percent to Rs 599 million from Rs 563 million.

According to the three forecasts obtained by Reuters, Hughes' net profit for

the third quarter was likely to be between 62 and Rs 93 million on net sales of

480 to 549 million.

Hughes' shares closed down 3.59 per cent at Rs 309.95 on Wednesday on the

Bombay Stock Exchange whose main index ended down 0.11 per cent.

(C) Reuters Limited.