Patni’s 2006 revenues up 28.5 percent
Patni Computer Systems (Patni) announced its financial results for the fourth quarter and year ended 31st December 2006.
As stated in Q2 2006 release for the quarter ended June 30, 2006, prior years’ tax review by the IRS and a review by the Department of Labor of Patni’s US operations had resulted in additional provisions which led to an increase in gross profit and operating income by approximately US$ 7.0 million and decrease in net income by US$ 19.9 million for Q2 2006 .
Variations in Patni’s Q2 2006 financial performance as a result of these reviews had been referred to as ‘additional provisions’ in the said press release. Financial Performance for the year ended December 2006 excluding these additional provisions have also been considered for comparative performance review with 2005 in this release.