ispace IOL Netcom, an IPTV and Internet service provider in Mumbai, has reported a net profit of Rs. 2.66 million on net sales of Rs. 79.98 million in the first quarter of fiscal 2010. Operating costs have crashed by 74.3% to Rs. 7.69 million from Rs. 39.81 million in Q1 last year. Employee costs have also almost halved to Rs. 17.64 million when compared to the corresponding quarter last fiscal. EPS has gained to Re. 0.10 from -Rs.3.54 last year.

Details: Financials
Various services listed on IOL’s website (including broken links) are:

We can not ascertain if the company is planning to provide the services or has disengaged from them, but the company has reported in its financials that it currently only operates in one segment – dark fibre. They’re yet to respond to our queries regarding their IPTV businesses, but from what we’ve heard from industry sources, IOL hasn’t been active in the IPTV space for a while, beyond some trials with state owned telecom operators.

IOL has also appointed a new director A. S. Oberai and forfeited the funds collated in response to the warrants from 7 investors in January 2008, without converting them into equity shares.

Note: some of our readers have suggested that IOL Netcom has not paid salaries. MediaNama is unable to verify the authenticity of such claims, and until we are able to do so, we’re putting those comments in moderation.

Q4 09: IOL Netcom To Raise Funds; FY09 Loss Of Rs.140.5M
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