Mumbai-based Geometric’s net profit for the third quarter ended December 31, 2008, dropped by 74 per cent to Rs 1.7 crore from Rs 6.7 crore in the corresponding quarter last financial year. The number were impacted on account of foreign exchange losses of Rs 18.93 crore, including a provision on Rs 2.19 core towards possible future currency losses.
Revenue of the company, specialising in engineering solutions, was at Rs 163.07 crore, rose 31.6 per cent for the quarter from Rs 123.9 core in the same quarter last year.
Sequentially too the company’s net profit was down 48.8 per cent from Rs 3.3 crore-- however, revenues were up 8.8 per cent from Rs 149.8 crore.
Ravi Gopinath, managing director and CEO of Geometric said: “The external environment, particularly the global manufacturing sector, continues to pose challenges. While we ride this period out, we have focused our efforts on improving operating efficiencies. This has manifested itself in improvements in contribution and SG&A, resulting in operating profit improvements, beyond those realised from a favourable exchange rate.”
Geometric added seven new customers during this quarter, taking the total number of active customers to 123. Total value of new business closed during the quarter was $5.4 million (around Rs 26 crore).
