Rupee appreciation: Allsec report negative growth

Chennai, Jul 24: Rupee appreciation hurt Allsec Technologies earnings with the company reporting a negative growth of six per cent for the quarter ended June 30, 2007.

Company's gross revenue for the quarter was Rs 2,699.45 lakh, as against Rs 2,875.78 lakh for the quarter ended June 30, 2006, a company release today said here.

However, in dollar terms the revenue for the quarter ended June 30, 2007, was higher by five per cent, compared to the correspondent period last year.

PAT stood at Rs 457.37 lakh as against Rs 677.78 lakh, recording a downward movement of 32 per cent.

The decline in revenue and profitability was mainly on account of appreciating rupee.

On the future plans, the company said it would set up a new 200 seat facility at Tiruchirapally, which was expected to become operational in Q2 of 2007-08.

The new facility was expected to bring additional manpower and meet the growing demands of the existing customers and the prospective client additions, the release added.

UNI