Mumbai: Mascot Systems Ltd has posted a net profit of Rs 78.60 million for the quarter ended 30 June 2002 as compared to Rs 130.80 million for the corresponding period last fiscal. The total income has decreased from Rs 1,127.70 million in JQ01 to Rs 928.40 million in JQ02.
Under the consolidated results, the company has posted a net profit of Rs 80.60 million for the quarter ended 30 June 2002 as compared to Rs 131.60 million for the quarter ended 30 June 2001. The total income has decreased from Rs 1,137.70 million in JQ01 to Rs 937.60 million in JQ02.
Mascot Systems CEO Gerhard Watzinger says Q1FY 2003 has been an encouraging period - characterised by a healthy pipeline of client engagements and strong growth across key operating parameters.
''We extended our presence to new geographies, enhanced human resource strength, appointed key individuals to the advisory board, achieved an encouraging trend in the number of live projects and improved our profitability margins by implementing various efficiency-led initiatives. Given our current progress combined with the initiatives undertaken in the past, we remain confident of achieving business growth in the future,'' he adds.
Mascot Systems had announced that it has entered into a partnership with the Dalian-based Chinese IT services company Haihui Seci-Tech Company Ltd (formerly DMK). Mascot will collaborate with Haihui Sci-Tech to execute offshore development project engagements in China.
The above move is in line with Mascot's strategy of de-risking its business by expanding its global operations. The partnership with Haihui Sci-Tech will help Mascot establish its presence in China and allow it to participate in the opportunity thrown open by China's emergence as an important IT services destination.
Long-term strategies in China
Mascot plans to establish a strong presence in China. Mascot will leverage its local business strengths to target leading international organisations planning development centres in China. It will also, at a later stage, explore local business opportunities and further look at strengthening its presence in the region.
Says Watzinger: ''We continue to aggressively pursue our objective of diversifying our global presence. Our partnership with Haihui Sci-Tech provides us with a strategic access route and critical resources in the Chinese market. It also offers high level of synergies that will be used to rapidly grow our business. China represents an important market for Mascot and we are well positioned to leverage our capabilities to establish and consolidate our presence in this region.''