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Lycos net profit dips 5.1% to Rs 407cr; changes company name to Brightcom

Hyderabad-based Internet company Lycos has reported digital marketing revenues of Rs 1967.7 crore for the financial year ended March 31, 2018 (FY 2018). This represented a marginal dip of 1.5% from Rs 1997 crore in FY 2017.

  • The segment reported a profit before tax of Rs 596 crore in FY 2018, a dip of 4.5% on a year-on-year basis as compared to Rs 623.5 crore in FY 2017.
  • Digital marketing contributed 81.3% to Lycos’ consolidated operational revenue.

The company reported consolidated revenue of Rs 2420.2 at the end of FY18, a decrease of 1.3% from Rs 2452 crore last fiscal year. It posted a net profit of Rs 407 crore, representing a decline of 5.1% from Rs 429 crore in FY 2017.

Software development revenue: Revenue from the software development business (consolidated basis) marginally fell with the segment reporting revenue of Rs 453 crore in FY 2018, from Rs 454.3 crore last year.

The company did not share consolidated quarterly performance.

Lycos to Brightcom Group

The company recently announced that Lycos Internet Limited has changed its name to Brightcom Group Limited.

The name change comes on the back of the dispute on Lycos acquisition South Korean seller Daum Global Holdings Corp. The company informed that the district court of New York granted Daum’s motion to appoint a receiver. The company had acquired Lycos Inc. (the subsidiary) from Daum in year 2010. This order gives 56% shares of the subsidiary back to Daum, making it the full owner. The revenue contribution from the subsidiary to the company was 4.6% in the last financial year. The profit contribution was 1.2%, and the net worth contribution was 5.6%.

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