iGate Q3 net loss at Rs 2.65 crore

iGate Global Solutions (IGS) on Wednesday reported a net loss of Rs 2.65 crore for the third quarter ended December 2003 as against a net profit of Rs 3.56 crore during the corresponding period last year.

Revenues shot up by 46.2 per cent at Rs 142.8 crore for the third quarter, as against Rs 97.7 crore from October to December 2002, iGate said.

"Integration and consolidation continue to be the key initiatives. As a result of this efffort and sub critical mass BPO and contact centre operations, we have incurred a loss," iGate global chief executive officer Phaneesh Murthy said.

"However, we are starting to see traction in the market place for our integrated and operations model. Last month we have announced two deals worth usd 20 million each. These will help with the financials in the next fiscal," he said.