eTelecare 3Q income sags as one-off expenses weigh
abs-cbnNEWS.com | 11/14/2008 1:51 PM
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Listed call center service provider eTelecare Global Solutions Inc. said Friday its net income fell significantly in the third quarter of the year due to one-time expenses.
In a statement to the Philippine Stock Exchange, the company said its earnings in July to September amounted to only $1.6 million, down 67 percent from the $4.8 million recorded in the same months in 2007.
eTelecare noted it registered a record revenue of $76.8 million for the quarter but this was eroded by extraordinary expenses.
It said it booked an expense of $1.3 million for professional fees associated with the negotiation and execution of a definitive acquisition agreement with EGS Acquisition Co. LLC, a Delaware limited liability company jointly owned by affiliates Ayala Corp. and Providence Equity Partners Inc. It also paid $300,000 in startup costs and transaction fees associated with eTelecare Nicaragua, a joint venture with Almori BPO Services Inc.
eTelecare is targeting a net income of $8-$10 million this year.
Established in 1999, the company delivers customer care, technical support and sales capabilities for market-leading companies in major industries such as telecommunications, high technology, financial services and travel.
Most of eTelecare's employees are based in the Philippines. Some are in the United States.
