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Mumbai, July 25

Mumbai-based network services provider GTL Ltd has reported a 49.2 per cent decline in consolidated net profit at Rs 32.14 crore for the quarter ended June 30, against Rs 63.35 crore recorded for the same quarter last year. Though the company’s operating profit grew by 107.13 per cent, the fall at the net level was mainly due to a depreciation charge of Rs 19.29 crore in the June 2006 quarter. Similarly, the company incurred losses on other income to the extent of Rs 8.22 crore against a gain of Rs 16.82 crore in the the previous year quarter. “This was mainly on account of strengthening of the rupee against the dollar and its impact on the company’s mark to market positions for overseas funds,” said Mr Manoj Tirodkar, Chairman and Managing Director, GTL. Interest and finance charges for the quarter ended June 30 increased to Rs 6.84 crore against Rs 0.24 crore in the corresponding quarter of the last financial year. Net sales of the company rose by 78.38 per cent to Rs 407.32 crore from Rs 228.34 crore for the corresponding quarter a year ago.

— Our Bureau

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