CMC Net Dips 50% To Rs 5 Cr

Mumbai, October 23: | Updated: Oct 24 2002, 05:30am hrs
CMC Ltds net profit for the quarter to September 30, 2002, dipped 50.24 per cent to Rs 5.20 crore as against Rs 10.45 crore in the same period of last year.

The income for the period stood at Rs 131.07 crore as compared to Rs 134.37 crore in the corresponding period. Despite a small fall in the revenue, the sharp fall in the net profit was mainly attributed to the significant dip in the other income. The other income in the quarter ended September 30, 2002, plunged to Rs 1.01 crore as against Rs 5.04 crore a year ago. During the period, the total expenditure of the company stood at Rs 121.39 crore as compared Rs 118.76 crore in the corresponding period.

Commenting on the companys performance, CMC managing director and CEO SS Ghosh said in an official release that it has been a challenging period for the domestic IT industry and CMCs performance has been in line with the industry trends. We are relooking at our entire education and training business, which will be restructured to cater to the needs of the present market.

CMC has registered a growth of 41 per cent in the international operations and the systems integration segment has grown by 23 per cent.

The net profit for the half year ended September 30, 2002, was at Rs 11.84 crore as against Rs 13.53 crore in the year ago period. The sales stood at Rs 227.82 crore as against Rs 224.05 crore during the same period.