Genpact posts slightly higher Q2 income
Source:Genpact
Date: August 21st, 2007
Genpact had it’s first quarterly earning release as a public company today (ARTICLE). The second quarter revenues grew 42% from same period 2006 and 14% quarter over quarter. The revenues were $200.5 million . The second quarter net income was $7.1 million up 1% from 2006 and 284% quarter over quarter.
Commenting on the second quarter result, Pramod Bhasin, president & CEO, Genpact said: “We saw particularly strong growth in our operations in Europe as well as Asia Pacific, especially China, showing the strength of our global delivery network. In Europe we have announced a second operations site in Romania. We are also expanding our Asia Pacific presence with our operations in the Philippines and a second operations site in China.” He added, “The increasing globalization of the world economy as well as a growing shortage of labor in developed markets helped the global BPO and IT Services industry continue to show strong growth.”.
For the first half of 2007, Genpact recorded a net income of $8.9 million, a 26% decline from $12 million reported for the first half of 2006. The company attributed this decline to global taxes which are now being eliminated as a result of changes in the holding structure post-IPO.
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