Sify Swings to a Profit
Indian Internet company
Sify
(SIFY) - Get Report
squeaked by with its first quarterly profit on Thursday, but the news failed to excite investors.
For the fourth quarter ended March 31, Sify made a profit of $470,000, compared with a $2.5 million loss in the same quarter a year ago.
The company's cash profit in adjusted EBITDA terms was $2.7 million for the quarter. For the fourth quarter 2005, the figure totaled $580,000.
Sales totaled $28.9 million, rising from $23.1 million from the same quarter last year.
Investors weren't impressed, however, and shares of the Chennai, India-based company sank 64 cents, or, 4.5%, to $13.64 in recent trading.
Sify is one of the
few Indian Internet stocks trading in the U.S. markets, but in contrast to its portal competitor
Rediff
(REDF)
--- nicknamed the Indian
(GOOG) - Get Report
-- Sify runs a patchwork of other services, including a chain of cybercafes called iWays across 153 cities in India, broadband home access and enterprise technology services.
