Trigyn Technologies posts Rs 3,789m net loss
22 May 2002
1
Mumbai: Trigyn Technologies Ltd has posted a net loss of Rs 3,788.63 million for FY02 as compared to a net loss of Rs 15.54 million for FY01. The total income has decreased from Rs 963.72 million in FY01 to Rs 461.40 million in FY02.
The board has reviewed the investment in its subsidiaries eCapital Solutions (Bermuda) Ltd and Applisoft Inc of Rs 6,486 million and has decided to carry these at a cost less 50 per cent (Rs 3,243.17 million) ad hoc provision for decline other than temporary in nature.
The company has also made a provision for loans and debtor balances from the group subsidiaries to the tune of Rs 291.50 million for the current year, in view of the adverse market conditions. The firm had last year laid off about 10 per cent of its 700-odd staff to cope with the loss of business due to a slowdown in the US, a company spokesman said.
“Given the present troubled economic environment in the US, we have to be realistic about our business growth,” he said. The firm had laid off about 60-to-70 programmers last month. Trigyn is the first listed Indian software company that has cut jobs amid the technology turmoil in the US, which accounts for about 70 per cent of its exports.
The board has reviewed the investment in its subsidiaries eCapital Solutions (Bermuda) Ltd and Applisoft Inc of Rs 6,486 million and has decided to carry these at a cost less 50 per cent (Rs 3,243.17 million) ad hoc provision for decline other than temporary in nature.
The company has also made a provision for loans and debtor balances from the group subsidiaries to the tune of Rs 291.50 million for the current year, in view of the adverse market conditions. The firm had last year laid off about 10 per cent of its 700-odd staff to cope with the loss of business due to a slowdown in the US, a company spokesman said.
“Given the present troubled economic environment in the US, we have to be realistic about our business growth,” he said. The firm had laid off about 60-to-70 programmers last month. Trigyn is the first listed Indian software company that has cut jobs amid the technology turmoil in the US, which accounts for about 70 per cent of its exports.
