AGC Networks reports a reduction in losses for the quarter ended September 2014
AGC Networks, which is a subsidiary of the Essar Group, has reported net consolidated losses of Rs 92 million for the quarter ended September 2014, as against the net loss of Rs 423 million for the quarter ended September 2013. The company registered an increase of 3.72 per cent in revenues from Rs 2.15 billion in July-September 2013 to Rs 2.23 billion in July-September 2014.
The earnings before interest, taxes, depreciation and amortisation (EBITDA) losses reduced to 28 million in July-September 2014, as against Rs 456 million in July-September 2014.
The company believes that it will be able to break even in 2014 given its rapid decline in operating losses, followed by a profitable growth in the near future. Further, AGC Networks is expecting that the contribution of revenues from international markets to increase from 40 per cent to 50 per cent of the top line in the near future.
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