Mastek reports net loss of Rs 27.66-cr in Dec quarter

Mumbai, Jan 18 (PTI) IT major, Mastek, today reporteda net loss of Rs 27.66-crore for the quarter ended December 31following a dip in revenues from overseas clients.

The Ahmedabad-headquartered company had posted aprofit of Rs 23.5-crore in the corresponding October-Decemberperiod last year.

Mastek Group''s Chief Financial Officer and FinanceDirector, Farid Kazani, said last year the company had a verystrong account operating in the UK which had contributed tothe good numbers.

He, however, maintained that the company expects theUK market to improve going forward and has already added aclient from there in the last quarter.

The company''s total income for the reporting perioddropped to Rs 152.31-crore from Rs 193.23-crore a year-ago.

Mastek''s losses for the previous (July-September)quarter stood at Rs 13.46-crore.

Kazani said the reporting quarter''s losses ofRs 27.66-crore includes an exceptional item of Rs 20.7-croreand pointed out that it has been able to curtail losses toRs 6.76-crore sequentially.

The company''s staff strength was down by 250 duringthe quarter as part of its right-sizing exercise.

"We see the results as a mixed bag. Going forward, weexpect a better growth and already have a stable order-book,"Kazani said.