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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.

q309-snapshot-northgatetech

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.

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