Financial Daily from THE HINDU group of publications
Wednesday, Apr 26, 2006
Financial Daily from THE HINDU group of publications Wednesday, Apr 26, 2006 |
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Info-Tech
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Financial Performance Corporate Results - Telecommunications MTNL net dips 38 pc Our Bureau
New Delhi , April 25 Steep reduction in telecom tariffs, loss in revenue from access deficit charge and an outgo in the form of interconnect charges to BSNL have pushed state-owned Mahanagar Telephone Nigam Ltd's net profit down by 38.37 per cent to Rs 578 crore for the year 2005-06 against Rs 938 crore in the previous year. The company, which offers telecom services in Delhi and Mumbai, also reported a six per cent decline in income from services from Rs 5,592.4 crore in 2004-05 to Rs 5,249.4 crore in 2005-06. The MTNL's Director (Finance), Ms Anita Soni, said that during the year MTNL lost 1.97 lakh customers. "TRAI reduced the price of all leased circuit prices for which we had to face a loss of Rs 92 crore and since the telecom regulator decided that we will not get access deficit charge it resulted in another loss of Rs 329 crore." Though MTNL was allowed a tax refund of Rs 1,233 crore, only Rs 194 crore could be factored in 2005-06 as the remaining amount will be released by the Government subsequently. MTNL also had to settle five years of interconnect charges with BSNL by paying Rs 266 crore in one-shot. For the fourth quarter ended March 31, 2006, MTNL posted a 56.6 per cent decline in net profit at Rs 140.27 crore against Rs 323.2 crore for corresponding quarter last fiscal. .
More Stories on : Financial Performance | Telecommunications | Mahanagar Telephone Nigam Ltd
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