Sify net loss comes down to Rs 43.56 crore in quarter

The sales revenue of the company grew by 13.08 per cent in the quarter, while the cash loss was 34.30 per cent lower than the second quarter of the previous year. The company recorded a sales revenue of Rs 46.41 crore as against Rs 41 crore. Its cash loss for the period was Rs 15.29 crore, compared to Rs 23.28 crore. The net loss for September 2002 includes a one off depreciation charge of $2.4 million (Rs 11.61 crore) in respect of assets of Satyam Institute of E-Business that has not commenced operations. The cash burn (net reduction in cash)at $3.2 million was 26 per cent lower than the first quarter. Cash burn includes two one time elements—purchase consideration paid for acquisition of Wipro’s corporate connectivity customers and the advance for procuring STM-1 fibre bandwidth (155 mbps) paid to VSNL.