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Sify cuts cash losses

By Our Special Correspondent

CHENNAI JULY 15. Satyam Infoway (Sify) has reported a net loss of $8.70 million on a sales revenue of $8.3 million for the quarter ended June 2002, down from $16.2 million on a sales revenue of $7.1 million during the same period in the preceding year.

The net loss for the quarter under review includes a ``one-time impairment of goodwill relating to Cricinfo, the cricket portal it had acquired, of $1.70 million.

A release from the company claims that the cash burn (net reduction in cash) is down by 43 per cent to $4.3 million from $7.6 million the same quarter previous year.

The cash burn during the quarter under review includes a $1.1 million payment for bandwidth arrangements of a one-off nature, beneficial for the entire current financial year.

The corporate service business (data network/services) formed the core of Sify's activity, contributing to 52 per cent of the top line revenue.

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