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Mumbai, Jan. 8 Mid size IT firm Mastek Ltd has reported 16 per cent rise in net profit for the quarter ended December 30, 2008 even as the company’s numbers were impacted by forex losses and slowdown in some customer accounts.

The city-based company reported a net profit of Rs 31.3 crore as against Rs 27.1 crore reported in the corresponding year ago quarter. Excluding forex losses, net profit for the quarter was about Rs 43 crore, Mastek said in a press note, here on Thursday.

Mastek’s total income for the quarter was up by 19 per cent to Rs 256.2 crore (Rs 215.9 crore).However, on a sequential basis, the net profit was down 24 per cent from Rs 41.2 crore (including a one time tax refund of Rs 4.8 crore).

“The financial performance of the company during the period under review reflects translation impact due to the significant weakening of the British pound sterling relative to the dollar and the rupee, forex losses amounting to Rs 11.7 crore, as well as some headwinds on account of the prevailing economic environment,” the statement said.

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