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Our Bureau

Chennai, July 26

Hit by the rupee appreciation Internet and e-commerce company Sify Ltd has reported net losses of $1.27 million (about Rs 5 crore) for the quarter ending June 2007. The company has lost about $400,000 (about Rs 1.6 crore) on account of the strong rupee this fiscal. According to a press release, the company reported net profit of $1.54 million (about Rs 6.1 crore) in the same quarter last year and aided by favourable rupee-dollar rates had gained $1.1 million (Rs 4.4 crore).

That the company carried on its books Provision for Doubtful Debts amounting to $1.28 million (about Rs 5.1 crore) deepened the impact of losses.

Cash profit for the quarter, in adjusted EBITDA terms, was $1.66 million (about Rs 6.6 crore) compared with $4.55 million (about Rs 18 crore) in the same quarter last year.

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