Online edition of India's National Newspaper
Thursday, Jan 12, 2006
Online edition of India's National Newspaper Thursday, Jan 12, 2006 |
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Corporate Reporter
CHENNAI: iGATE Global Solutions has reported an operating profit of Rs. 19.71 crore for the third quarter ended December 31, 2005 against Rs. 8.66 crore in the year-ago period. As other income accounted for only Rs. 79 lakh against Rs. 14.34 crore in the corresponding quarter in the previous year, the profit before tax has dropped to Rs. 9.11 crore from Rs. 16.04 crore, after providing interest and depreciation charges. The company has decided to make a provision for diminution in the value of long-term investment bringing down the net profit to Rs. 1.30 crore for the quarter under review. Phaneesh Murthy, CEO, has stated that the company had put in place significant expansion plans in Canada and Japan. It also bagged orders from a New York-based Tier 1 asset management firm.
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