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Sify posts 3Q net profit of $9.46 million due to realisation of $12 million from legal matters

Sify Technologies has reported a net profit of $9.46 million for the third quarter ended December 2009, as against a net loss of $5.54 million posted for the same quarter of the previous fiscal year. According to Sify, net profit for the quarter was due to a one-time realisation of $12 million from legal matters.

Sify Technologies has reported a net profit of $9.46 million for the third quarter ended December 2009, as against a net loss of $5.54 million posted for the same quarter of the previous fiscal year. According to Sify, net profit for the quarter was due to a one-time realisation of $12 million from legal matters.

Revenues increased by 18 per cent to $39.19 million during Dec 2009 ended quarter from $33.22 million posted for the third quarter of the previous fiscal year. Cash balance at the end of the quarter was $17.63 million. The company witnessed 18 per cent rise in online ad revenues during the third quarter.

Raju Vegesna, chairman, CEO and MD, Sify Technologies, has said, “We are happy to report continued revenue growth from our enterprise services. In addition to the lines of services to corporates, we are seeing traction from services to both the central and state governments.”

“On the consumer front, we are finalizing our plan for a unified approach with value added services delivered across platforms: cyber cafes, broadband as well Sify.com users. We are also soon launching a new business model for cyber cafes to expand reach and revenue opportunities,” C V S Suri, chief operating officer, Sify Technologies, has added.

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