Southborough, MA - (May 15, 2019) Virtusa Corporation (NASDAQ GS: VRTU), a global provider of digital strategy, digital engineering, and IT outsourcing services that accelerates business outcomes for its clients, today reported consolidated financial results for the fourth quarter and fiscal year
ended March 31, 2019.
The social infrastructure systems business saw decreases in both orders and sales from the same period of the previous fiscal year
due primarily to decreases in the transportation systems business in Japan and the power systems business outside Japan.
According to the estimates of foreign assistance, the government has budgeted Rs 166.139 billion from Islamic Development Bank (IDB) for the next fiscal year
against Rs 119.479 billion for the current fiscal year
which was later revised to Rs 101.413 billion.
According to the data released by the Central Bank of Pakistan, the constant price calculation based on the 2005-06 fiscal year
, the GDP growth rate of the 2017-18 financial year hit a 13-year high of 5.8%, an increase of 0.4 percentage points over the previous fiscal year
The ongoing schemes have been allocated Rs530 billion in the next fiscal year
and it includes discretionary spending of Rs124 billion.
Production in regions outside of Japan experienced a year-on-year decrease for the first time in seven years (since Fiscal Year
2012), setting an all-time record for fiscal year
production in Asia and China.
Net income for the fourth quarter of fiscal year
2018 was $166 million, or $1.15 per diluted share, compared to a net loss of $284 million, or $1.93 per diluted share, for the fourth quarter of fiscal year
In the first eight months of current fiscal year
, the government borrowed more from the central bank and less from commercial banks, freeing up liquidity with which commercial banks boosted credit to the private sector by 18.9 per cent over the same period of previous fiscal year
Revenue of USD12.3m were generated in fiscal year
2018, down 6.7% from USD13.2m in fiscal year
A cash-based budget limits incurred contractual obligations and disbursement of payments to goods delivered and services rendered and inspected within the fiscal year
. Payment of these obligations should be made within the same year.
For the next fiscal year
the government plans to raise Rs1.08tr loans.