Subex Ltd, a leading global provider of Business Support Systems (BSS) for Communications Service Providers, today announced its financial results for the second quarter ended September 30, 2012.

Performance Highlights for the quarter ended September 30, 2012
• Revenues for the quarter at US$ 14.3 million (Rs 780.4 million)
o Down 4.8% QoQ from US$ 15.1 million (Rs 819.8 million)
o License & implementation at 43%, Managed services & Support at 46% and services at 11% of the total revenues
• Operating Profit / (Loss) for the quarter at US$ (-)1.3 million (Rs (-) 71.8 million)
o Down from operating profit / (loss) of US $ 0.7 million ( Rs 39.1million)
o Forex loss for the quarter US$ 2.1 million Rs 113.3 million as compared to forex gain of US$ 1.1 million Rs 58.3 million for the previous quarter
• Proforma Operating Profit /(Loss) ex forex for the quarter at US $ 0.8 million ( Rs 41.5 million)
o Up from operating profit/ (loss) of US$ (-) 0.4 million ( Rs (-) 19.2 million)
• Finance Costs for the quarter at US $ 2.4 million ( Rs 131.4 million ) as compared to US$ 1.5 million ( Rs 80.9 million ) in previous quarter due to higher FCCB interest
• Net Profit / (Loss) for the quarter at US$ (-)11.2 million (Rs (-)609.6 million)
o Down from net profit / (loss) of US$ (-) 0.9 million (Rs (-) 50.9 million)
o Exceptional items for the quarter of US$ 7.3 million (Rs 399.7 million) include one- time accounts receivables provision of US$ 5.3 million Rs 307.0 million and US $ 1.7 million (Rs 92.7 million) of goodwill impairment pertaining to the services business

• Proforma Net Profit / (Loss) ex forex adjusted for Exceptional items is at US$ (-) 1.8 million (Rs (-)96.6 million) for the quarter as compared to loss of US $ (-) 2.0 million ( Rs (-)109.2 million)

Outlook for FY 13 : Overall revenues likely to be ~ USD $ 65-66 million with full year EBITDA of ~ 25%