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Wednesday, Jul 10, 2002

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Aztec reports loss of Rs 4.4 cr

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AZTEC Software and Technology Services Ltd (India) has reported a net loss of Rs 4.4 crore for the quarter ended June 30, 2002, against a net profit of Rs 6 crore in the corresponding period the previous year. The sales revenues for the quarter also declined to Rs 11.23 crore (Rs 24.95 crore).

On a consolidated basis, Aztec posted a turnover of Rs 11.23 crore and a net loss of Rs 2.6 crore before recognising one-time hits to the income statement. The one-time hits were a provision for doubtful debts amounting to Rs 1.1 crore and equity in loss of an affiliate amounting to Rs 3 crore - net of taxes. Thus, after the one-time hits, the consolidated net loss amounts to Rs 6.7 crore. This compares with a turnover of Rs 13.3 crore and net profit of Rs 62 lakh posted in the previous quarter.

Commenting on the results, the Aztec CEO, Mr William Chris Brown, said, "We have seen many positives during the quarter like the changing customer profile and the recognition of our technology capability in the market place. Our focus on the emerging area of wireless technologies has also paid off with us acquiring a couple of customers in that space. This along with the follow-up work we have won from customers like Microsoft and Cadence makes me confident about the future."

During the quarter, Aztec signed a software development services agreement with Cadence Design Systems Inc to deliver e-business projects, especially on electronic fulfilment for Cadence.

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