wordpress blog stats
Connect with us

Hi, what are you looking for?

Northgate Shuts Down Singapore Branch; Q3 Net Profit Dips By 44%

(By Preethi J & Nikhil Pahwa) Northgate Technologies, which owns the social networking site Bharatstudent.com, Online Advertising network Axill, and VoIP and IPTV solutions provider Globe7, has shut its Singapore branch, and written off fixed assets worth Rs 20.8 million. Interestingly, during the quarter, Northgate also announced that their subsidiary Globe7 had partnered with SingTel to deliver free content - live TV channels, news updates, movies, games and radio content to SingTel's Wireless@SG users. We're not certain if the SingTel deal has been affected by this move, and have requested the company for inputs. Northgate has also shuffled its ESOP this quarter, granting 2,200,000 options through its new "Employee Stock Option Plan - 2006" and "Restricted Stock Option Plan - 2007" for employees and directors. Last quarter, the company offered 1,60,000 ESOPS. Of these, 926,500 options held under the Employee Stock Option Plan 2004 and 2005 were cancelled. Key clients added during the quarter include Microsoft, Citibank, Intel, P&G, Alibaba, KLM Airlines, Cathay Pacific Airlines and Apple Ipod. On a consolidated basis, the firm has posted a QoQ drop of 44 percent in net profits to Rs 124 million in its third quarter from Rs 224 million. Revenues have registered a 21 percent dip from Rs 1893.7 million in Q2 to stand at Rs 1484 million this quarter.EBITDA has risen by 60 percent on a YoY basis to Rs 310.8 million and EBITDA margin was 21%. There's no update on the performance of their subsidiary Social Media India Ltd, and its property Bharatstudent.com.

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?

News

After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples

News

In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection

News

The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.

News

The provisions around grievance redressal in the Data Protection Bill "stands to be dangerously sparse and nugatory on various counts."

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ