Millennium Information Technologys client list was propped up with two new big accounts in 2002, but two other clients going bust contributed to a Rs. 605.31 mn loss for the year.
The company also saw its distribution costs soar to Rs. 419.65 mn from Rs. 57.00 mn in 2001, while administrative expenses shot up to Rs. 316.95 mn from Rs. 199.36 mn during the period under review.rn
rnThe general depression in the global IT industry and two of its accounts failing to reap profits saw its revenues shrink to almost half from the year before, dropping from Rs. 896.81 mn in 2001 to Rs. 463.95 million in 2002. rn
rnOfficials close to the IT firm told Lanka Business Online that two of MITs clients failed during the last calendar year, dragged down by floundering business sentiment. rn
rnSupporting the claims, market research group IDC reported that the worldwide IT industry would suffer a 2.3% drop in revenue in 2002, the largest decline ever.rn
rnThe researchers predict the total worldwide IT industr