Sify Limited, India's premier Internet, network and e-commerce services company, announced on Wednesday its consolidated US GAAP results for the quarter ended June 30th 2005.
Performance highlights:
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Sify reported revenues of $23.5 million for the first quarter, 31 per cent higher than in the quarter ended 30th June 2004.
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Sify's cash profit (in adjusted EBITDA terms) for the quarter was $0.34 million.
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Sify's net loss for the quarter was $2.26 million, 12 per cent lower than the net loss for the previous quarter.
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Sify ended the quarter with a cash balance of over $30 million.
R Ramaraj, managing director and CEO, said, "We continue to grow our business, generate cash profits from operations and reduce net loss, while investing in bandwidth and capital expenditure to maximise growth opportunities in a buoyant economy.
"During the quarter, we entered into alliances that will considerably strengthen our competitiveness going forward. Overall, this quarter has proven to be a good start, and sets the stage for further progress during the year."
George Zacharias, president & COO, said, "Our corporate services continue to lead with significant new customer wins, on top of repeat orders from existing customers. We grew to 2700 iWays across 104 cities with most offering broadband access speeds of 256 kbps per PC.
"We launched www.Sifymax.in, continued to deliver revenue growth in portals, and grew wireless Internet fee based services by 100 per cent quarter on quarter. A key challenge remains in retaining talent in the face of rising salaries and new opportunities in a growing economy."
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