Lanco Global net jumps 62-fold

Software solutions company Lanco Global Systems (LGS) achieved 62-fold growth in net profit at Rs 4.36 crore (consolidated) for the quarter ended June 30 compared with Rs 7 lakh for the same period last year.

It posted a consolidated turnover of Rs 43.83 crore (Rs 4.2 crore) in the period, recording a 10-fold growth.

The consolidated figures included those of its two US subsidiaries. "The merger of Lanco Global Systems Inc (USA) with the company was completed in 2006. Hence, revenues of the merged entity have been combined in the unaudited results of the company from the quarter ended December 31, 2006, and while the results published earlier for the first and second quarters of the previous year did not contain the combined results, and hence not comparable," the company said in a press release on Monday.