VisualSoft Q3 profit dips to Rs 5.5 crore

Hyderabad, January 23: | Updated: Jan 24 2002, 05:30am hrs
Hit hard by global economic slowdown and September 11 attacks, VisualSoft Technologies Limited has reported a sharp fall in both total income and net profit in the third quarter ended December 31, 2001 as against the same period last year.

According to the unaudited financial results for the quarter ended December 31, 2001, the total income has sharply come down to Rs 26 crore as against Rs 41.65 crore achieved during the same quarter last year.

The net profit too has declined sharply to Rs 5.53 crore (Rs 20.64 crore). The earnings per share (EPS) too see a drastic fall at Rs 2.82 (Rs 10.51).

However, the total income and the net profit for the third quarter have grown by 4.18 per cent and 18.24 per cent respectively as compared to the previous quarter ended September 30, 2001.

The service revenue for the quarter has increased by 21.45 per cent as compared to the same quarter during last fiscal and grown 6.65 per cent over the previous quarter of the current fiscal.

According to the company, the target for growth has been at high-end technology- oriented services, strengthen solutions segment by winning R&D contracts, concentrating on new vertical areas such as healthcare, insurance, collaborative commerce, IT sourcing, expand the client and market areas in width and breadth, explore new and emerging markets and aiming for a sustainable growth rates in line with the industry growth.