Subex losses swell Q2 loss stands at Rs 61 crore

The revenues of the company in the quarter declined by 39% to Rs 78.04 crore when compared with the same quarter last year

Telecom software solutions provider Subex on Thursday reported a net loss of Rs 60.96 crore in the quarter ended September 30, 2012 as against a net loss of Rs 12.95 crore posted during the corresponding period last year.

The Bangalore-based company said the profit in the quarter took a hit due to forex loss of Rs 11.33 crore and exception items of Rs 39.97 crore. The exceptional items include one- time accounts receivables provision of Rs 30.7 crore and goodwill impairment pertaining to the services business of Rs 9.27 crore.

The revenues of the company in the quarter declined by 39% to Rs 78.04 crore when compared with the same quarter in the previous year primarily dragged down by its services business. The services revenues at Rs 8.35 crore declined 25% sequentially as well as year-on-year basis.

In September this year, Subash Menon, the founder of Subex had stepped down as MD & CEO of the company following which it appointed ex-CFO of Patni, Surjeet Singh to that position.