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Sify announces F1Q07 results

July 23, 2007 · Posted in India portals, Stats and Numbers

Sify announced the financial earnings for the first quarter (Quarter ending 6/30/07) today.

Highlights of the earnings call:

Net loss for the quarter was $1.27 million compared to a net profit of $1.54 million for the same quarter last year
Revenues for the quarter rose by 6.6% to $34.6 million compared to same quarter last year

The company lost $1.28 million due to provision of doubtful debts. This ate into the revenues last quarter as well. And as per Pijush Das, CFO, Sify, will eat into the next couple of quarters as well. This Stronger rupee led to a further loss of $0.4 million.

Consumer services contributes 32.6%, enterprise services contributes 60.5% while portals contribute 3.1% of total Sify revenues.

Other announcements included appointment of Arvind Mathur as Chief Architect - Global services and the introduction of new iWay business models.

One of the things I found very interesting:

In April this year, Sify announced that they had outsourced Internet ad sales to Big Bang Media. In today’s earnings call, Suri Venkat, COO, Sify said this:

Our revenues for portals were impacted during the last quarter with regard to online advertising as the outsourcing strategy that we have taken up did not pay dividends as expected. Consequently Sify has now reset its own team to drive ad revenues, and this is already gaining traction.

So, it looks like Sify has given Big Bang Media the boot and are now doing ad sales in house.

via release and SeekingAlpha