Silverline eyes $37 million profit

MUMBAI: Indian software services firm Silverline Technologies, which reported

a 41.1 per cent rise in 2000-2001 consolidated net income on Wednesday, said it

expected operating profit of Rs 1.5-1.75 billion ($32-37 million) for the

current year.

Silverline said in a performance guidance statement it expected revenues for

the current year to range from Rs nine to 10 billion. The company recorded an

operating profit of $34.8 million for the year ended March 31, up from $28.85

million the previous year.

Silverline reported consolidated net income for the year to March rose to

$26.64 million from $18.88 million, and revenues rose to $154.66 million from

$101.58 million.

The statement pertained to Silverline's worldwide operations including

acquistions made during the year. A company statement said its emphasis would be

on consolidating and leveraging acquisitions, diminishing lower margin

consulting engagements, larger outsourcing deals and shifting work offshore.

In its biggest acquisition to date, Silverline bought US firm SeraNova Inc on

March 6.

(C) Reuters Limited 2001.