The Hindu Business Line : Sify posts Rs 7-cr net in third quarter

SIFY Ltd, the Chennai-based network and e-Commerce services company, as per Indian GAAP has reported a net profit of Rs 7.26 crore on sales and services of Rs 119.1 crore for the third quarter ended December 2005 compared with a net loss of Rs 10.96 crore on sales and services of Rs 93.70 crore for the corresponding quarter last year.

The results as per US GAAP for the December quarter showed a net loss of Rs 1.04 crore.

The Nasdaq-listed company ended the quarter with a cash balance of over Rs 100 crore. This excludes the Rs 165 crore of net proceeds received from Infinity Capital Ventures, L.P, says a company press release.

Mr R. Ramaraj, Managing Director and CEO, Sify, said the company planned to take its service delivery business model global. The company will do this by leveraging its expertise, infrastructure and leadership position for both consumer businesses and enterprise services, in addition to growing them in India.

Sify announced its structuring into three strategic business units supported by the core technology group. The heads of these business units, technology group and human resources will report to the CEO.

Mr Rahul Swarup will head Sify's enterprise service unit. Access Media, which comprises 3,100 iWay cyber cafe chain and the broadband access to home business, will be headed by Mr Shrikant P. Joshi and the portals unit by Mr Surya Mantha.

Mr Rustom Irani will head the technology initiative as the Chief Technology Officer, the release says.

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