SSI Q1 net tumbles 90%

CHENNAI: Computer education and software services company SSI Ltd. on Monday

announced net profit in the July-September quarter fell 90 per cent from a year

ago, but reversed a loss seen in April-June.

SSI's shares fell as much as 8.35 per cent to Rs 136 when the market opened,

while the benchmark index was up 1.12 per cent.

The company said just before market started net profit in the first quarter

was Rs 27.83 million compared to 275.77 million in the year-ago quarter.

Net sales slipped 18.4 per cent to Rs 828.68 million from 1.02 billion in the

year earlier period. SSI had a loss of Rs 144.58 million in the April-June

quarter on account of an extraordinary write-off of 200 million rupees in the

value of an investment in an Internet-based securities firm.