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Saturday, Oct 16, 2004

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Sify trims Q2 net loss

Our Bureau

Chennai , Oct. 15

SIFY Ltd reduced its net loss for the September 30, 2004 quarter to $1.01 million from a net loss of $1.85 million for the same quarter last year.

Sales revenue during the second quarter was $18.75 million, an increase of 29.7 per cent over the same period last year, says a company press release. During September 2004 quarter, Sify's corporate services contributed 55.5 per cent of revenues. The retail Internet access accounted for 39.5 per cent of revenues, the portal services accounted for 2.9 per cent and others (e-learning business) accounted for 2.1 per cent during the quarter, the release said.

Sify won the largest IP-VPN (Internet Protocol Virtual Private Network) order placed so far in the Indian insurance sector. It was awarded a three-year contract to build and support an IP-VPN for Oriental Insurance across 40 locations in the country in the first phase. Sify also won a similar order from UCO Bank for building connectivity to 260 locations across the country. Sify is setting up a small sales team in the US.

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