The Hindu Business Line : Datamatics net down 7 per cent

DATAMATICS Technologies Ltd posted a 6.8-per cent drop in net profit on a consolidated basis at Rs 5.75 crore for the first quarter-ended June 30, 2004 as compared to Rs 6.17 crore recorded during the corresponding period last year.

According to the company, "the consolidated net profit at Rs 5.75 crore de-grew by 7 per cent (Q-o-Q) primarily because of losses in CorPay Solutions Inc.and Saztec International Inc."

The Indian BPO company recently acquired the US-based firms and proposes to continue investment and build critical mass for these subsidiaries.

The merger would be completed in the second quarter of FY05.

With the merger, DTL hopes to achieve significant cost benefits given that the merger would help to co-ordinate sales activities and strengthen the Datamatics Technologies brand in the US.

On a consolidated basis, the company's revenues grew by 94.36 per cent at Rs 32 crore (Rs 16.49 crore) for the quarter-ended June 30, 2004. Net profit on a stand-alone basis for Datamatics Technologies showed a growth of 23.21 per cent at Rs 7.26 crore as against Rs 5.89 crore for the corresponding quarter last year.

During the quarter, the company signed up eight new clients, with the largest client contributing 7 per cent of the revenues.

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