MUMBAI: Satyam Infoway, a leading private Indian Internet service provider,
on Wednesday reported its October-December net loss halved to $8.2 million from
$17.8 a year ago as revenue rose 34 per cent.
The Chennai-based company, which also provides corporate Internet and
consulting services and operates a portal www.sify.com
, said its cash loss (earnings before interest, tax, depreciation and
amortisation) narrowed 59 per cent to $3.9 million.
"This is the fourth successive quarter of reduction in cash losses and
the first time Sify is able to recover all its cash costs excluding bandwidth
costs," the company said in a statement. R. Ramaraj, Satyam Infoway's
managing director, said the results showed the company was headed in the right
direction.
Corporate services contributed 49 per cent of total revenue and retail
Internet access 34 per cent. The revenue figures does not include the company's
eConsulting and software services division which is to be sold to parent Satyam
Computer Services, the statement said.
Nasdaq-listed Satyam Infoway plans to sell the division for $6.9 million to
Satyam Computer Services which holds a 52.5 per cent stake in it.
Satyam Infoway's retail subscriber base increased to 600,000 by the end of
December from 550,000 at the end of the preceding quarter. The statement said
the company was able to retain market share despite increasing access prices.
After the results, its American Depositary Receipts were up 6.48 per cent at
$2.3 at the Nasdaq exchange in early trade on Wednesday, while the Nasdaq
composite index was down 1.31 per cent.
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