The Hindu Business Line : Satyam Info net loss up at $147.5 m

SATYAM Infoway Ltd, the city-based Internet network and e-commerce company, has reported a net loss of $147.5 million for the year ended March 31, 2002, compared to $51.4 million the previous year. The increase in net loss was mainly due to a one-time non-cash charge of $109 million to write off the goodwill and amortisation costs the company did in October last, according to the company.

For the quarter ended Mach 31, 2002, the company reported a net loss of $8.4 million, as against $17.5 million during the corresponding quarter last year, and $8.3 million the previous quarter.

Sales revenue (includes corporate services, retail Internet access and portal) during the year was at $32.3 million, a 29 per cent increase over last year. Sales revenue in fourth quarter was $8.2 million, a 16 per cent increase over the same quarter last year. Sales decreased marginally over the previous quarter's figure of $8.6 million.

Cash loss (loss before interest, depreciation and amortisation) during the year was $20.1 million, 26 per cent lower than the previous year. Cash loss for the fourth quarter was $5.3 million, 40 per cent lower than the same quarter last year. Cash loss for fourth quarter was higher than the third quarter due to a one-off cost of $1.5 million in building product offering for voice over Internet protocol and conversion of cyber cafes to new generation fixed wireless broadband, Mr R. Ramaraj, CEO and Managing Director, told newspersons here today.

Cash burn (net reduction in cash) during the quarter at $3.4 million was lower than last quarter by 20 per cent. Cash burn excludes the effect of one time inflow of $6.9 million from sale of software services business to the parent firm, Satyam Computers, he said. The results of the software services business and the one-time income from the sale of software services business are excluded from the above results to facilitate comparison of operating performance, a release says.

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