The Hindu Business Line : Northgate Q3 net at Rs 15 cr

Northgate Technologies Ltd has recorded consolidated revenues of Rs 81.94 crore and net profit of Rs 15.03 crore for the third quarter ended December 31, 2006. Since the company began to consolidate its numbers from April 1, 2006, there is no corresponding quarter for comparison. On a standalone basis, Northgate recorded lower revenues of Rs 17.77 crore with a net profit of Rs 13.88 crore for the third quarter as against revenues of Rs 20.37 crore and a net profit of Rs 6.57 crore for the corresponding quarter last year.

For the fiscal ended March 31, 2006, the company revenues on a standalone basis were Rs 81.91 crore with a net profit of Rs 24.14 crore. During the quarter, Northgate allotted 24.47 lakh equity shares of Rs 10 each at a price of Rs 497.28 per share including share premium of Rs 4. The CFO of Northgate Technologies, Mr Anil Singh, told Business Line that the company's Hong Kong subsidiary — aimed to serve as a regional hub — would be operational before the end of this fiscal. During the quarter, the company made additional equity investment of Rs 74.49 crore and Rs 35.99 crore in Axill Europe Ltd, UK, and Globe7 HK Ltd, Hong Kong, respectively — both wholly owned subsidiaries of Northgate Technologies.

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