Financial Daily from THE HINDU group of publications
Saturday, Jul 31, 2004
Financial Daily from THE HINDU group of publications Saturday, Jul 31, 2004 |
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Corporate Results
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Telecommunications Info-Tech - Financial Performance VSNL net zooms 93 pc Our Bureau
Mumbai , July 30 VSNL has reported a 92.7 per cent jump in net profit at Rs 126.8 crore for the first quarter ended June 30 against Rs 65.8 crore recorded during the corresponding previous period. Consequent to a settlement reached during the quarter, an amount of Rs 46.9 crore was received on July 15 which has been included in the net sales in accordance with Accounting Standard 9 "Revenue Recognition" and Accounting Standard 4 "Contingencies and Events Occuring After the Balance Sheet Date". According to senior officials, the surge in profits has also been on account of keeping expenses down. "We have tried to grow away from using expensive satellite capacity and put it on cable, thus bringing bandwidth expenses and the overall reduction in keeping cost levels down is visible." Total expenditure showed a 23.63 per cent decline at Rs 569.5 crore (Rs 745.8 crore).
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