The Hindu Business Line : Subex posts Rs 66-cr loss in Q1 on weak Re

Bangalore, Aug 1 Subex Ltd, a provider of operations and business support systems for communications service providers, reported a net loss of Rs 65.64 crore in the first quarter, largely hurt by the depreciation of the rupee.

For the latest quarter, net sales increased to Rs 135.93 crore, compared with Rs 131.66 crore in the year-ago period, the company said in a statement. Net profit in the corresponding quarter last year was Rs 21.56 crore.

Product and product-related sales increased to Rs 105.36 crore in the latest quarter, compared with Rs 100.42 crore in the year-ago period, the company added.

Out of the net loss of Rs 65.64 crore, about Rs 61 crore is due to exchange loss on restatement of Foreign Currency Convertible Bonds (FCCBs) and marked-to-market losses on option contract, said Mr Subash Menon, Founding Chairman, Managing Director and Chief Executive.

For the latest quarter, exchange loss on restatement of FCCBs was Rs 55.31 crore, compared to a gain of Rs 44.28 crore in the year-ago quarter, Subex said.

operations

Mr Menon said these losses are non-cash and notional. He said the company has done well from the operational perspective. The second quarter would be an improvement on the first quarter from the operational angle, helped by higher revenue and lower costs, he added.

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