The Hindu Business Line : California Software nets Rs 96.38-lakh profit

CALIFORNIA Software Ltd, the Chennai-based software firm, has reported a net profit of Rs 96.38 lakh for the quarter ended June 30, compared to a net profit of Rs 39.69 lakh for the corresponding quarter last year.

Revenues for the quarter increased to Rs 6.60 crore (Rs 5.34 crore).

The company's total consolidated revenue, including Indian operations and subsidiaries, was Rs 21.78 crore for the first quarter of the current fiscal.

Consolidated net profits after taxes and minority interest adjustments were Rs 58.18 lakh.

This is the first year that the company is compiling and reporting consolidated results on quarterly basis and hence prior year comparisons are not available for the consolidated results, says a company press release.

"At this pace we are on course to achieve a significant milestone of group revenues of about Rs 100 crore in current fiscal," the company's Chief Financial Officer, Mr K.N. Nayak, said in the release.

The company informed the Bombay Stock Exchange that a meeting of its board of directors would be held on August 6 to consider raising additional funds through various options, including rights issue, global depository receipts and other instruments such as preferential allotment.

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