Sify posts $1.27 m net loss in Q1

CHENNAI, INDIA: Sify Limited has posted a net loss at $1.27 million under US GAAP for the first quarter ended June 30, 2007, compared to a net profit of $ 1.54 million in the same quarter of the previous fiscal year.

The company attributed the loss to provision for doubtful debts on overdue amounts carried on the books for a period of time amounted to $1.28 million during the quarter; Exchange loss of $0.4 million incurred on account of the stronger rupee against the dollar compared to exchange gain of $1.1 million in the same quarter of the previous fiscal year.

The revenues of the company stood at $34.6 million for the first quarter, up 6.6 per cent higher than in the year-ago period. The sequential growth in revenues over the previous quarter was 1.5 per cent.

Cash profit for the quarter, in adjusted EBITDA terms, was $1.66 million compared to $4.55 million in the same quarter of the previous fiscal year. Sify ended the quarter with a cash balance of $46.7 million after capital expenditures of $6.71 million during the quarter.