Satyam Info slashes loss to $8.70 mn

The Nasdaq-listed Satyam Infoway Ltd’s loss for the first quarter ended June 30, 2002 reduced to $8.70 million from $16.20 million a year ago, according to the company’s US GAAP-based financial statement. The company said the loss for the quarter included one-time impairment of goodwill amounting to $1.70 million relating to Cricinfo venture.

The internet, networking and e-commerce firm reported a 16 per cent rise in sales revenue to $8.30 million from $7.10 million last year, with most of the growth coming from data/network services to business enterprises and from the fast growing chain of cyber cafes. Its cash loss reduced to $4.1 million during April-June 2002 from $6.1 million in April-June 2001, while cash burn fell 43 per cent to $4.3 million from $7.6 million.