wordpress blog stats
Connect with us

Hi, what are you looking for?

Q409: Northgate Suffers Rs 3.5B Q409 Loss; HongKong Offices Shut Down; Writeoffs

Losses mounted for Northgate Technologies in the January to March 2009 quarter as the company reported a consolidated net losses of Rs 3527.1 million over revenues of Rs 490.87 million during the quarter. Revenues have fallen by 66.9% from Q3 09 and 69.8% from the corresponding quarter last fiscal (Q4 08). Northgate runs ad network Axill, VoIP and IPTV company Globe7, and owns the social networking site Bharatstudent.com via its subsidiary Social Media India.

Earnings per share are also in the red at Rs -121. Last quarter, the company posted net profits of Rs 124.35 million and EPS was at Rs 3.55.

Details: Release | Financials


Buys Promotoers Stake In Bharatstudent for Rs. 10 Million

The company owns social networking site Bharatstudent.com but its financial report for the quarter notes that its only active in the online advertising business and that Social Media India, which runs Bharatstudent.com is now a wholly owned subsidiary. A 4% minority interest in Social Media India was acquired for Rs 10 million during the fiscal from promoters.

Cost Cutting, Writing Off Investments

Advertisement. Scroll to continue reading.

Selling and marketing expenses for the company dropped from the previous quarter to Rs 266.4 million.

In March 2009, Northgate closed its Hong Kong based Server Farm and sales and marketing offices. Sales and marketing offices in Singapore and Beijing were also closed, leading to fixed assets of Rs. 13,75.36 million, debt amounting to Rs.475.12 Million and gaming engines deployed on gaming portal Egglad.com having net book value of Rs. 226.43 million having been written off.


Standalone results were similarly gloomy, with revenues of Rs 26.24 million against losses of Rs. 2.6 billion, which have spiraled from profits of Rs 21.25 million last quarter and Rs 50.53 million in the corresponding quarter last year. Earnings per share on a standalone basis stood at Rs -74.6, down from Rs 1.3 in the corresponding quarter last fiscal. 


Advertisement. Scroll to continue reading.

Northgate Reports Q2 Profit Of Rs. 22.4 Crores; Bharatstudent FY08 Loss At Rs. 3.96 Crores
Northgate Shuts Down Beijing, San Francisco Offices Of VoIP & IPTV Subsidiary
Northgate Shuts Down Singapore Branch; Q3 Net Profit Dips By 44%

Written By


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



Due to the scale of regulatory and technical challenges, transparency reporting under the IT Rules has gotten off to a rocky start.


Here are possible reasons why Indians are not generating significant IAP revenues despite our download share crossing 30%.


This article addresses the legal and practical ambiguities in understanding the complex crypto ecosystem in India.


It is widely argued that the PDP Bill report seeks to discard the intermediary status of social media platforms but that may not be...


Looking at the definition of health data, it is difficult to verify whether health IDs are covered by the Bill.

You May Also Like


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...


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...


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...


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...

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
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