Satyam Computer to close four foreign arms

By Our Staff Reporter

HYDERABAD, AUG. 11. Satyam Computer Services has announced its board decision to close four subsidiaries. One of them is Dr. Millennium inc, which was set up exclusively to handle Y2K related products, and was no longer relevant.

The other three are marketing subsidiaries, Satyam Europe, Satyam Asia Pacific, and Satyam Japan. These subsidiaries were set up to facilitate new customer acquisition and recruitment of local talent. Over the years, Satyam achieved requisite visibility, particularly after NYSE listing, which would ensure that the company would be able to achieve these objectives within a branch system of working itself, the release said.

Meanwhile the company has declared its unaudited results for the first quarter ended June 30,2001 as per US GAAP, showing a revenue of $99.7 million and a net profit of $8.6 million, against $59.9 million and a loss of $11.4 million respectively in the corresponding period of the previous year.

It reported a 87 per cent increase in revenue to $308.2 million for year (under US GAAP), and a net loss of $27.9 million. The net loss was $29.3 million for the nine months ended December 2000.

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Section  : Business
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