Hyderabad: In tune with the general slowdown in technology market, Information Technology (IT) major Satyam Computer Services Ltd has reported a loss of Rs 35.91 crore during the fourth quarter ended March 31, 2003 after writing off its investment in a subsidiary.

The total income during the quarter rose by 14.5 per cent to touch Rs 553.47 crore compared to Rs 482.55 crore during the corresponding period last year, a release said on April 24.

Though the New York Stock Exchange (NYSE) listed company posted a net profit of Rs 115.79 crore during the fourth quarter, the exceptional expenses, including writing off its investments in a subsidiary, stood at Rs 151.70 crores.

After discontinuing the operations of its subsidiary Vision Compass Inc, the company made a provision of Rs 126.36 crore towards diminution in the value of investments and advances from the subsidiary.

The company has made a further provision of Rs 25.34 crores towards diminution in the value of investments made with strategic partners engaged in developing software tools in niche industrial sectors, the release said.

The net profit for financial year ended March 31, 2003 dipped to Rs 459.88 crore from Rs 490.12 crore last fiscal.

A meeting of Satyam's board of directors on April 24 took on record the results for the fourth quarter and the financial year ended March 31, 2003.

During the fourth quarter, exceptional expenses stood at Rs 151.70 crore compared to Rs 40.75 crore during the corresponding period last year.

The income from domestic sales during the Q4 period came down to Rs 4.18 crores compared to Rs 5.66 crore during the corresponding period last year, while software exports went up to Rs 534.24 crore from Rs 451.97 crore.

The total income of the company touched Rs 2,051.50 crore during the financial year, as against Rs 1,803.09 crore last year. The income from software exports during the year stood at Rs 2,003.29 crores compared to Rs 1,703.07 crore last year.

The company recommended a final dividend of 110 per cent (Rs 2.20 per share on par value of Rs two per share), subject to approval of members, the release said.

During the quarter, the company acquired Northrop Grumman Space and Mission Systems (NGSM), 24 per cent shareholding in Satyam Manufacturing Technologies Inc (SMTI), an NGSM-Satyam joint venture company, for a consideration of $ 3.5 million, the release added.

PTI