The Hindu Business Line : Tata Comm net down 63%

Mumbai, June 17 City based Tata Communications (formerly VSNL) has posted a 63 .1 per cent fall in net profit for the fourth quarter ended March 31, 2008.

The net profit was down to Rs 58.8 crore from Rs 159.5 crore recorded in the same quarter a year ago.

Revenues for the quarter declined by 21.1 per cent to Rs 885.4 crore (Rs 1122.9 crore).

For the year ended March 2008, the net profit was down by 40.9 per cent to Rs 304.46 crore (Rs 515.3 crore).

Total income decreased by 12.3 per cent to Rs 3,449.34 crore from Rs 3,935.51 crore a year ago.

Analysts that Business Line spoke to termed the company’s numbers as ‘disappointing.’ Even though Tata Comm. is in ‘investment mode’, decrease in sales revenues is a negative sign for the company, said one of them, who did not wish to be named.

Separately, the board of directors has recommended a dividend of Rs 4.50 a share for 2007-08.The scrip was down 0.61 per cent to close at Rs 433.25 on the BSE on Tuesday.

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