Outsource Trends

Standing left to right – Mr. Dinesh Jebamani (Chief Manager Liability Product Management and New Age Media – Seylan Bank), Mr.Sudesh Peiris (Senior Manager – Digital Banking Channels – Seylan Bank), Ms. S.Senevirathne (Representative of the Revenue Department – Western Province), Mr. Tilan Wijeyesekera (Deputy General Manager – Retail Banking – Seylan Bank) and Mr. Malik Wickremanayaka (Deputy General Manager – Operations – Seylan Bank)

May 17, 2010 (LBO) – Massachusetts-based Virtusa Corp., an IT services firm with operations in Sri Lanka, said net profit for the March 2010 quarter stayed flat at 3.6 million US dollars from the previous year. A company statement said the March quarter result was an improvement on the 2.9 million dollar profit earned in the previous quarter of fiscal 2010.

Revenue for the fourth quarter was 47.8 million dollars, an increase of 15 percent from the previous year.

“The overall business environment improved during the fourth quarter as companies returned to investing in support of their strategic initiatives,” said Kris Canekeratne, Virtusa’s chairman and chief executive.

“We enter the 2011 fiscal year with a high quality client base, expanded solutions offerings and enhanced IT consulting capabilities, strengthening our ability to capture growth.”

The statement said Virtusa acquired two companies, InSource in November 2009, and ConVista Consulting in February, 2010.

Net income for full fiscal year ending March 31, 2010 was flat at 12.1 million dollars from a year ago with sales down five percent to 164.4 million dollars.

Virtusa has offices in the United States and the United King