Trigyn Technologies posts Rs 3,789m net loss

22 May 2002

1
Mumbai: Trigyn Technologies Ltd has posted a net loss of Rs 3,788.63 million for FY02 as compared to a net loss of Rs 15.54 million for FY01. The total income has decreased from Rs 963.72 million in FY01 to Rs 461.40 million in FY02.

The board has reviewed the investment in its subsidiaries eCapital Solutions (Bermuda) Ltd and Applisoft Inc of Rs 6,486 million and has decided to carry these at a cost less 50 per cent (Rs 3,243.17 million) ad hoc provision for decline other than temporary in nature.

The company has also made a provision for loans and debtor balances from the group subsidiaries to the tune of Rs 291.50 million for the current year, in view of the adverse market conditions. The firm had last year laid off about 10 per cent of its 700-odd staff to cope with the loss of business due to a slowdown in the US, a company spokesman said.

“Given the present troubled economic environment in the US, we have to be realistic about our business growth,” he said. The firm had laid off about 60-to-70 programmers last month. Trigyn is the first listed Indian software company that has cut jobs amid the technology turmoil in the US, which accounts for about 70 per cent of its exports.

Business History Videos

History of hovercraft Part 3 | Industry study | Business History

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2 | Industry study | Business History

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1 | Industry study | Business History

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | Industry study | Business History

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more
View details about the software product Informachine News Trackers