Satyam loss widens to $ 4.58 mn

Satyam loss widens to $ 4.58 mn
REUTERS

APRIL 8: Indian Internet firm Satyam Infoway Ltd said Friday its revenues and subscriber base rose in the year ended March 31, while its loss for the year widened.

The company, whose American Depository Receipts (ADR) have skyrocketed since their US debut at $ 18 in October, said in a statement that its revenues for the year totaled $15.37 million compared to $2.36 million in the previous year.

Satyam, an Internet service provider and portal, said its loss before interest, depreciation, amortization and tax and after incurring customer acquisition and brand building costs totaled $ 4.58 million compared to a loss of $ 2.54 million in the previous year.

Earnings per share figures, other data and market estimates were not immediately available. The US GAAP results reflect the consolidation of the results of IndiaWorld Communications, in which Satyam bought a 24.5 per cent stake.

It said it had more than 151,000 subscribers at the end of the year, compared to 28,000 subscribers in the year-ago period, up 439 per cent excluding the number of customers who quit the service. Satyam's Internet access revenues continued to grow and accounted for about 52 per cent of the company's total revenue for the quarter.

The online portal business had 51 million page views per month in March 2000, versus 13 million views in March 1999.