Chennai-based Sify Ltd has reported a 51 per cent reduction in net loss at Rs 20.69 crore in the quarter ended June 30, 2003 over the same quarter last year.
Turnover rose 49 per cent to Rs 60.08 crore in the period. Sify incurred a cash loss, in adjusted EBITDA terms, of Rs 6.36 crore during the quarter compared with Rs 20.28 crore for the same quarter last year.
The company, in its press release, announcing the first-quarter results said, there were significant planned one-time costs incurred in building the Sify iWay brand concurrent with a drive to expand the number of cybercafes across the country.
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Cash burn during the quarter was Rs 7.28 crore attributable substantially to investments made in expanding the technology infrastructure to support the envisasged expansion in the cybercafe business.
R Ramaraj, managing director and CEO, said,