Business Daily from THE HINDU group of publications
Wednesday, Oct 24, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Wednesday, Oct 24, 2007 ePaper | Mobile/PDA Version |
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Info-Tech
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Financial Performance Corporate Results - Software Delayed projects execution pushes Subex net down Our Bureau Bangalore Oct 23 Subex Azure Ltd slipped into the red during the September quarter following poor execution of certain projects and revenue squeeze from one of its top North American clients. The company reported a net loss of Rs 34.8 crore on revenues of Rs 102.98 crore for the quarter ended September 2007 compared with a net profit Rs 16.37 crore on revenues of Rs 102.97 crore. Revenue from products stood at Rs 71.59 crore for the second quarter of fiscal 2008 accounting for 69.52 per cent of overall revenues, while services revenues were Rs 31.3 crore. Subex shares ended 2.75 per lower on the BSE at Rs 366.15 on Tuesday. “The loss is essentially due to non-recognition of certain revenues as we could not complete some projects on time,” said Mr Subash Menon, founder Chairman, Managing Director and CEO. “Also there was some revenue loss from one of our top clients in North America, which recently postponed its near-tem capital expenditure commitment,” he said. However, Mr Menon felt that the situation will get corrected in the second half of the year on the back of enhanced execution. Recently Subex lowered its full year guidance following the postponement of near-term capex by one of its large clients in North America. It now expects its full year revenue for 2007-08 to be around Rs 520 crore and a profit after tax of Rs 104 crore from its product business as against the earlier projected revenue and profit after tax of Rs 615 crore and Rs 155 crore, respectively. Subex revises revenue, profit guidance down Subex Azure plunges to a 52-week low Subex Azure net drops 53 pc More Stories on : Financial Performance | Software
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