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Sify Q3 net loss shrinks to $6.72 m

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CIOL Bureau
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CHENNAI: For the October-December quarter, Sify’s net loss fell to $6.72 million from $7.78 million in the same quarter a year earlier. Net loss per ADR stood at 27 cents compared to 34 cents in the quarter ended December 31, 2001.

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Sales revenue for the quarter under consideration was $10.82 million against $8.70 million in the corresponding quarter of the previous fiscal year, an increase of 24 per cent over the same quarter last year and 12 per cent rise sequentially.

For the quarter to December 31, 2002, cash losses (EBITDA) declined to $2.92 million, down 33 per cent over the year-ago quarter and eight per cent lower than the previous quarter.

Cash burn (net reduction in cash) was $3.96 million in the October-December quarter. This includes a one off payment of $1.2 million towards renewal of Directors and Officers Liability Insurance policy for a period of one year.

R Ramaraj, CEO & MD said, "I am pleased with the growth in topline revenue over the same quarter last year. This growth is seen in both our corporate network services business and in our consumer access businesses."

Source: IRIS

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