Aztec clocks Rs 44 million net loss in Q1

Mumbai: Aztec Software and Technology Services Ltd has posted a net loss of Rs 44.1 million for the quarter ended 30 June 2002 as compared to a net profit of Rs 60.6 million in the corresponding period last fiscal.

The company's net sales have decreased from Rs 249.5 million in the quarter ended 30 June 2001 to Rs 112.3 million in the quarter ended 30 June 2002.

Aztec Software earlier announced that it has reached an agreement with Asera Inc, Belmont, California, to expand its engineering services to include development and support of solution applications that utilise and extent Asera's e-business offerings.

As part of the agreement, Asera's Bangalore-based employees will relocate to be co-resident with Aztec at Aztec's Koramangala development centre in order to create a closer working relationship between the two companies.

"We are ecstatic that Asera has picked us for this important work," says Aztec president and CEO Chris Brown. "We are particularly looking forward to contributing to the close industry focus that Asera solutions have taken on, and the expansion of our skills in these areas. We see growing market recognition of Asera's technology and we are pleased to support Asera during this high-growth period."

It was in the beginning of 2002 that the company had Brown as CEO of its global operations. In his new position, Brown is responsible for Aztec's global operations and he reports to the board directly. He is based in Boston, US. Brown took over from S Parthasarathy, who continues to be the chairman of the company.