Sify Ltd, a leading Indian portal and internet access company, has announced the results for the third quarter ended 31st December 2006. The company has reported revenues of $ 31.5 million in Q3 2006-07, a 15.8 per cent higher than that of the same quarter last year. Sequentially, the revenues have grown at 1 per cent.
The net profit for the quarter was $ 0.94 million compared to a net loss of $0.24 million in the same quarter of the previous fiscal year. However, the net profits have declined sequentially since it reported a higher $1.55 million in the previous quarter. The company said in a statement that the profits declined in Q3 due to an appreciating rupee against the dollar (exchange loss of $ 0.47 million), and also on account of the provision for doubtful debts ($1.56 million).
In the first nine months of this financial year, the net profits stood at $3.91 million compared to a net loss of $3.86 million during the same period last year.
Sify has, however, ended the quarter with a cash balance of $ 53.04 million after capital expenditures of $ 2.37 million during the quarter.
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