Business Daily from THE HINDU group of publications
Monday, Jul 06, 2009
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Business Daily from THE HINDU group of publications Monday, Jul 06, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Info-Tech
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Financial Performance Corporate Results - Software Zylog net drops 33% 
Our Bureau Chennai, July 5 Zylog Systems Ltd reported a 33-per cent drop in net profit to Rs 12 crore for the fourth quarter ended March 31, 2009 compared with Rs 18 crore for the corresponding period last year and Rs 21 crore for the preceding quarter. Revenue increased by 12 per cent to Rs 181 crore (Rs 162 crore), but was lower than Rs 195 crore reported in the December quarter. For the year ended March 31, 2009, the company reported increased net profit of Rs 85 crore (Rs 82 crore) on revenues of Rs 735 crore (Rs 606 crore). The Chennai-based Zylog provides onshore, offshore and near shore technology solutions and services to global enterprises and technology companies. It provides complete Product Lifecycle Management services, ranging from new product development and product advancement to product migration, re-engineering, sustenance and support. During the fourth quarter, the company had ‘other income’ of Rs 28 crore (Rs 1.96 crore) by way of foreign exchange gain on account of fluctuations. This is in line with AS-11 - the Accounting Standard that deals with the effects of changes in foreign exchange rates - which is more of a translational gain and not a transaction gain and this arises out of conversion of US$ financials to Indian Rupee for reporting purposes, said a company official. If one compares revenue between the third and fourth quarter in US Dollar terms, it is a negative growth from $38 million to $34 million with the employee expense at the same levels. This was one of the main reasons of margins being down for the fourth quarter, he said. More Stories on : Financial Performance | Software
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