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Stock Report
Ramco Systems reports Q2 loss of Rs.3.59 Crores, to sell SCN division
Posted On : 2006-10-30 08:51:52( TIMEZONE : IST )
Ramco Systems Ltd has announced the following unaudited results for the quarter ended September 30, 2006:
The Company has posted a net loss of Rs 35.916 million for the quarter ended September 30, 2006 where as, there was net loss of Rs 71.131 million for the quarter ended September 30, 2005. Total Income is Rs 253.821 million September 30, 2006 where as the same was at Rs 344.612 million for the quarter ended September 30, 2005.
The Unaudited Global Consolidated Financial Results (under AS 21) for the Quarter ended September 30, 2006 are as follows:
The Group has posted a net loss of US$ 1.01 million for the quarter ended September 30, 2006 where as, there was net loss of US$ 0.41 million for the quarter ended September 30, 2005. Total Income is US$ 15.55 million for the quarter ended September 30, 2006 where as the same was at US$ 16.41 million for the quarter ended September 30, 2005.
*Pursuant to the receipt of the consent from the shareholders for the sale of Secure Converged Networking (SCN) division of the Company to its wholly owned subsidiary Ramco Infotech Solutions Ltd (RITS) the SCN division has been transferred to RITS with effect from April 01, 2006 for a consideration of Rs 118.80 million being the book value of the net assets of the division as at the commencement of April 01, 2006, to be settled by the issue of 3,839,122 equity shares of Rs 10/- each at a premium of Rs 13/- each aggregating to Rs 88.30 million by way of cash to the extent of Rs 30.50 million. Accordingly, the above results, for the quarter and for the six months ended September 30, 2006, reflect the performance of the Company, excluding the SCN division. In view of this, the said results for the previous period / year are not comparable with the figures for the current period / year.
Commenting on the results, Mr P R Venketrama Raja, Vice Chairman, Managing Director & CEO said, "Ramco''s dual strategy of increasing revenues and tighter cost management has resulted in the company turning cash positive during the first half of the year. Our investments in key partnerships, world-class talent and global best practices is expected to lead us to a profitable growth in the coming months."
