The Hindu Business Line : VSNL third-quarter profit falls 93%

Mumbai, Jan. 28 Videsh Sanchar Nigam Ltd (VSNL) has reported about a 93.2 per cent dip in standalone net profit for the third quarter ended December 31, 2007 to Rs 9.52 crore against Rs 142 crore recorded in the same quarter a year ago.

The total income was flat at Rs 1,113.52 crore against Rs 1,115 crore for the corresponding quarter last year.

On a sequential basis, its net profit was down by 84.4 per cent. However, net revenues were up 12.7 per cent.

However, the reasons for this decrease in net profit could not be ascertained, as company officials were not available for comment.

A part of the Tata group, VSNL offers next-generation voice, data and value-added services to enterprises, carriers and retail consumers. Reacting to the development, the VSNL scrip hit an intra-day low of Rs 498.25, before settling at Rs 526, 5.21 per cent lower than its previous close on the BSE today.

In a separate development, VSNL and Yash Raj Films have joined hands for the Web premiere of the 2007 film ‘Chak De India’. The film is available online in DVD quality and Tata Indicom broadband customers will be the first to view the film in the Web format within India, said a news release.

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