Strong rupee, provisioning hurt Sify's bottomline

Chennai, July 23 (UNI) Higher provisioning for doubtful debts and a stronger rupee hurt consumer internet services major Sify Limited's earnings with the company reporting a net loss of 1.27 million US Dollar for the quarter ending June 30, 2007 against a net profit of 1.54 million US Dollar in the same period last fiscal.

This is despite Sify enjoying 6.60 per cent higher revenues at 34.6 million USD for the quarter under review, a company release here said.

Net profit for the quarter was impacted due to Provision for Doubtful Debts (PDD) on overdue amounts carried on the books for a period of time amounting to 1.28 million USD during the quarter.

Stronger rupee cost Sify 0.4 million USD. This was against an exchange gain of 1.1 million USD in the same quarter the previous fiscal.

Sify ended the quarter with a cash balance of 46.70 million USD after capital expenditure of 6.71 million USD during the quarter.

UNI