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IOL Netcom Posts Net Loss Of Rs.47.55M, Sales Down 87%

BSE listed IPTV and Internet service provider in Mumbai IOL Netcom has suffered a net loss of Rs. 47.55 million in the quarter ended December 2009 compared to a profit of Rs. 6.08 million in the September quarter. Sales have dived 91.8 percent year on year to Rs. 10.55 million and the company's Earnings per share is at zero. Details: Financials Sales are down a whopping 86.9 percent sequentially - something has gone horribly wrong in the company.  Besides IPTV and Internet, IOL is also in the WiMax and Voice over IP businesses - or is it? The company only lists dark fibre as a segment in its earnings release to BSE. For a list of various services listed on its site, read this earlier post. Fund Raising IOL is raising funds through preferential allotment of FCDs up to Rs. 50 crores, it said in a notice to the BSE:  it has previous attempted to raise funds through preferential basis and/or non-convertible debentures, it has in July 2009 and through QIB placement in November 2008. It also allotted 2,038,043 equity shares to HT Media on December 29, 2009.  In January 2009, IOL had informed the BSE it was issuing fully convertible debentures to HT Media amounting to Rs. 75 million. Our questions to the company are yet to be answered: – What is the status of IOLs IPTV services – where have the services been launched and how many subscribers does the company have? – Which service providers does IOL…

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