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    Earnings Review: Sify soars on Q1 Performance

    Earnings Review: Sify soars on Q1 Performance

    Shares of Sify Technologies Limited (NASDAQ: SIFY) are soaring in today’s trading, gaining nearly 20% after the company announced its first-quarter financial results. At last check, Sify shares were trading 19.40% higher at $4.80, with volume up from daily average of 1.74 million to 2.94 million.

    The India-based integrated Internet, network and electronic commerce services company, reported first-quarter revenue of $50.73 million, an increase of 31% over the same period in the previous year. The year-over-year increase in revenue was driven by revenue from Enterprises services, which jumped 40% on a year-over-year basis.

    Sify reported first-quarter EBITDA of $2.80 million, compared with $510,000 reported for the same period in the previous year. The company reported a net loss of $1.91 million for the first quarter, compared with a net loss of $4.05 million reported for the same period in the previous year.

    Sify ended the first quarter of fiscal 2012 with $14.99 million in cash balance. The company also had an undrawn line of credit of $3.25 million at the end of the quarter.

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