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Sify reduces losses
The Nasdaq-listed Sify Ltd., an Internent, network and e-commerce services company, said today that it had reduced its net losses to $7.05 million for the fiscal year 2004-05, down from $8.51 million in the preceding year. The company reported a 29 per cent increase in revenues at $82.8 million for the year under review.
Cash profit in adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) terms for the year was $5.17 million, up from $1.93 million in the preceding year. The company spent more by way of capital expenditure during the year ($11.4 million). Further, it paid $ 2.3 m Sify ended the year under review with a cash balance of over $31 million, just $2 million lower than the cash balance at the end of the previous year, says a company release.
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