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Sify reports net loss of $2.09 million for 3Q 2010-11

Sify Technologies, a leader in enterprise and consumer internet services, has reported a net loss of $2.09 million for the third quarter ended December 31, 2010, as against a net profit of $9.25 million recorded for the corresponding quarter of the previous fiscal year.

Sify Technologies, a leader in enterprise and consumer internet services, has reported a net loss of $2.09 million for the third quarter ended December 31, 2010, as against a net profit of $9.25 million recorded for the corresponding quarter of the previous fiscal year. Revenues increased from $38.51 million posted for the December 2009 ended quarter to $38.72 million in the third quarter of the current fiscal year.

“Even though we have seen a sharp drop in bandwidth prices in the market, our enterprise business has shown resilience by taking a pro-active approach to protect margins,” Raju Vegesna, chairman and managing director, Sify Technologies, has said. “The consumer business is transiting to a more scalable model to support healthy revenues with emphasis on delivery of value added services on the cloud platform.”

MP Vijay Kumar, chief financial officer, Sify Technologies, has said, “The promoters have in response to their subscription to the capital of $86 million, already infused capital of $21.7 million. The infusion of capital has improved our liquidity position and will help us to fund our data centre and network expansion. Consequent to the on-going changes in the consumer business model, we will review productivity of related assets.”

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