Ramco Systems net loss widens in Q4 March 2007

Ramco Systems posted net loss of Rs 18.02 crore in Q4 March 2007 as against net loss of Rs 3.82 in Q4 March 2006. Sales declined 42.61% to Rs 19.38 crore in Q4 March 2007 (Rs 33.77 crore).

The company posted a loss of Rs 32.20 crore in the year ended March 2007 (FY 2007) as against loss of Rs 34.07 in FY 2006. Sales dipped 33.1% to Rs 78.57 crore in FY 2007 ( Rs 117.47 crore).

On 12 April 2007, Ramco Systems’ board approved to divest its 100% stake in Ramco Infotech Solutions (RITS) to TVS Interconnect Systems (TVSICS), a wholly owned subsidiary of T V Sundaram Iyengar and Sons. The closure of the transaction is subject to satisfactory due diligence, execution of definitive documents and other approvals and regulatory clearances.