Mindteck reports Q3 Results, announces Management Change

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Mindteck reports Q3 Results, announces Management Change

Mindteck has reported its financial results for the third quarter ended December 31, 2011 and announced the mutually agreed upon resignation of its CEO and Managing Director.

The company's consolidated revenues stood at Rs.55.05 crores for the quarter, as against Rs. 56.80 crores for the previous quarter ended September 30, 2011. A loss of Rs. 2.49 crores, as against Rs.1.80 crores profit after taxes in the previous year and corresponding quarter was reported, primarily due to the mark to market accounting losses on for exhedges.

Pankaj Agarwal, Managing Director and CEO, Mindteck said, "Aside from these potentially reversible losses, the company continues to remain profitable in its operations. We're looking toward the immediate future with much optimism based upon very exciting growth potential emerging within several industry verticals in which we're already focused."

During the meeting, the Board also accepted Agarwal's resignation and also approved the appointment of the new Global CEO, and indicated that a formal announcement will be made in the near future.


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