Subex Azure Q2 loss at Rs 35cr, to raise $30mn

Telecom software products provider Subex Azure has registered a net loss of Rs 34.82 crore for the second quarter ended September 30, 2007 when compared with a profit of Rs 17.10 crore in Q2FY07.

Total sales were static at Rs 102.98 crore when compared with Rs 103.09 crore in the corresponding period of the last fiscal.

Subash Menon, founder chairman, managing director and CEO, said: "Revenue was severely impacted during the first half of this year as the company was focussed on the integration of Syndesis. This situation will get corrected in the second half of the year on the back of enahnced execution. Order booking continues to be strong and the backlog for the rest of the year is in line with expectations to meet the annual guidance."

Subex Azure is planning to raise up to $30 million (approx Rs 120 crore) by way of unsecured, non-convertible debentures as part of its efforts to restructure its working capital.

The board of directors of the company approved a proposal to this effect at a meeting held here today.

The board has also approved the change in the name of the company to Subex, subject to regulatory approvals.