Ramco announces Q2 Financial results
Ramco has announced the results for the second quarter of FY 2011-12. For the first half of the year (H1: Apr-Sep '11), total global revenues of Ramco Systems Limited, including revenues from subsidiaries in USA, Canada, Switzerland, Singapore, Malaysia, South Africa and Dubai stood at USD 23.95 m (Rs 106.70 cr). The net loss for the first half of the year stood at USD 0.68 m (Rs 3.03 cr).
For the quarter ended September 30, 2011 (Q2:11-12), global income of Ramco Systems Limited, including revenues from subsidiaries in USA, Canada, Switzerland, Singapore, Malaysia, South Africa and Dubai stood at USD 11.61 m (Rs 51.98 cr). The net loss for the quarter stood at USD 0.80 m (Rs 3.57 cr). The net loss was attributed to sluggish market conditions and new orders being deferred.
P.R. Venketrama Raja, Vice Chairman, MD & CEO, Ramco Systems Limited, said, "Globally, customers are looking for solutions that can help transform business operations which bring greater economies of scale. Our years of investments in Cloudtechnologies has ensured that we have the right set of solutions delivered on the most appropriate cloud model-public or private, to tap into this growing demand. Our products have matured over the years and customer feedback has been encouraging. We believe this will open up a multitude of opportunities for us in the coming quarters."
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