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Thursday, Oct 24, 2002

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Mascot net hit by costs

Our Bureau

BANGALORE: Mascot Systems has reported a sharp decline in its profits for the quarter-ended September 30, 2002 over corresponding period previous year.

Net profits for Q2 this year stood at Rs 6.49 crore, a decline of 53 per cent over corresponding period last year's Rs 13.88 crore. Revenues during the quarter stood at Rs 90.2 crore, a decline of 19 per cent over Q2 last year's Rs 111.34 crore.

The company added 11 new clients during the quarter, while GE continued to be its largest client accounting for 56 per cent of its revenues. Mascot increased its headcount by adding 51 people during the quarter.

The company said its performance during the quarter reflects operating stability in continually uncertain business environment. Revenues remained steady, while the earnings were impacted by front-ended, onsite-led cost of blended rate contracts, continued investments in geographical and services expansion and dollar depreciation against the rupee.

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