Financial Daily from THE HINDU group of publications
Friday, Jun 10, 2005
Financial Daily from THE HINDU group of publications Friday, Jun 10, 2005 |
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Financial Performance Corporate Results - Telecommunications VSNL Q4 net up at Rs 399 crore Our Bureau
Mumbai , June 9 PROFITS from long-term investments have helped Videsh Sanchar Nigam Ltd (VSNL) report a huge bottomline growth for the fourth quarter as well as for the whole year ended March 31, 2005. Annual topline growth, on the other hand, was rather modest and hampered by falling tariffs, despite the growth in volumes. The company reported a net profit of Rs 399.2 crore for the fourth quarter of fiscal 2005 against Rs 82.2 crore in the corresponding year-ago quarter. This was largely due to a net gain of Rs 468.7 crore during the year— most of it in the fourth quarter — from the sale of its investments in New Skies Satellites and Intelsat Ltd. Total income for the quarter rose 14.8 per cent to Rs 934 crore (Rs 813 crore). Profit before taxes and exceptional items moved up 4 per cent to Rs 160 crore (Rs 153 crore). For the year as a whole, net profit at Rs 756 crore doubled, aided again by the one-time gains made by the company. The net profit for the previous year was Rs 377.7 crore. The total income rose by a little over one per cent, to Rs 3,410 crore (Rs 3,371 crore). The total expenditure for the year dipped marginally, to Rs 2,534 crore from Rs 2,634 crore last year. This was mainly due to lower network costs. Depreciation stood at Rs 244 crore (Rs 172 crore). Profit before taxes and exceptional items for the year was up 11 per cent at Rs 632.6 crore (Rs 566.3 crore). Profit before tax almost doubled to Rs 1,054 crore from Rs 543 crore. The board has recommended a dividend of 45 per cent as well as a special dividend of 15 per cent. The consolidated yearly results of the company showed a net profit of Rs 708.6 crore and a total income of Rs 3,412.2 crore. There are no comparable results for the previous year, with this being the first occasion of the company reporting consolidated results.
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