Higher expenses lead to overall net loss for Sparta
March 24, 2009
Filed under Features
Sparta Commercial Services recently reported a rise in revenue for its past nine-month fiscal period but also an overall loss due in part to an increase in interest expense and financing cost.
The New York-based, nationwide financial services company reported a 12.5 percent increase in revenue, which totaled more than $974,000 for the nine-month period that ended Jan. 31. However, the company said it suffered a net loss before preferred dividends of more than $3.6 million for that time period.
In the press release, Sparta said, “we believe we will continue to earn increasing revenues from operations during the remainder of fiscal 2009 and in the upcoming fiscal year.”