Satyam Q3 net loss narrows
By Our Corporate Bureau | 17 Jan 2002
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Chennai: Satyam Infoway has reported its third quarter net loss halved to $8.2 million from $17.8 a year ago. Its revenue is up 34 per cent.
The leading private Internet service provider, which also provides corporate Internet and consulting services and operates the portal www.sify.com, said its cash loss (earnings before interest, tax, depreciation and amortisation) narrowed 59 per cent to $3.9 million.
This is the fourth successive quarter of reduction in cash losses and the first time Sify is able to recover all its cash costs excluding bandwidth costs, the company said in a statement. Satyam Infoways managing director R R Ramaraj said the results showed the company is headed in the right direction.
Corporate services contributed 49 per cent of the total revenue and the retail Internet access 34 per cent. The revenue figures do not include the company's eConsulting and software services division, which is to be sold to the parent Satyam Computer Services, the statement said.
The Nasdaq-listed Satyam Infoway plans to sell the division for $6.9 million to Satyam Computer Services, which holds a 52.5-per cent stake in it. Satyam Infoway's retail subscriber base increased to 600,000 by the end of December from 550,000 at the end of the preceding quarter. The statement said the company is able to retain the market-share despite increasing access prices.
After the results, its American Depositary Receipts were up 6.48 per cent at $2.3 on the Nasdaq exchange in early trade on 16 January, while the Nasdaq composite index was down 1.31 per cent.
The leading private Internet service provider, which also provides corporate Internet and consulting services and operates the portal www.sify.com, said its cash loss (earnings before interest, tax, depreciation and amortisation) narrowed 59 per cent to $3.9 million.
This is the fourth successive quarter of reduction in cash losses and the first time Sify is able to recover all its cash costs excluding bandwidth costs, the company said in a statement. Satyam Infoways managing director R R Ramaraj said the results showed the company is headed in the right direction.
Corporate services contributed 49 per cent of the total revenue and the retail Internet access 34 per cent. The revenue figures do not include the company's eConsulting and software services division, which is to be sold to the parent Satyam Computer Services, the statement said.
The Nasdaq-listed Satyam Infoway plans to sell the division for $6.9 million to Satyam Computer Services, which holds a 52.5-per cent stake in it. Satyam Infoway's retail subscriber base increased to 600,000 by the end of December from 550,000 at the end of the preceding quarter. The statement said the company is able to retain the market-share despite increasing access prices.
After the results, its American Depositary Receipts were up 6.48 per cent at $2.3 on the Nasdaq exchange in early trade on 16 January, while the Nasdaq composite index was down 1.31 per cent.
