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This is an archive article published on July 26, 2000
Global Tele Q1 net up 134 pc
MUMBAI, JULY 25: Global Tele-Systems has reported a 134.45 per cent increase in net profit after tax and before extra-ordinary items at Rs...
MUMBAI, JULY 25: Global Tele-Systems has reported a 134.45 per cent increase in net profit after tax and before extra-ordinary items at Rs 30.47 crore during the first quarter-ended June 30, 2000, against Rs 13 crore in the corresponding period of the previous fiscal.
Total revenues of the company grew by 40.34 per cent during the period to Rs 112.26 crore from Rs 80 crore. Global Tele-Systems clocked an export revenue of Rs 48.23 crore as compared to nil exports in the first quarter of the last fiscal.
The company8217;s net profit after tax and extra-ordinary items was Rs 162.37 crore Rs 13 crore during the quarter. The operating profit of Global Tele-Systems was Rs 40.97 crore Rs 28.5 crore. The company has made a provision for taxation of Rs 2.5 crore.
Investment of cash generated from operations, securitisation and divestment of equity in Global Electronic Commerce Services Ltd GECS has resulted in net interest income of Rs 7.5 crore which is reflected in other income of the company, according to Global Tele-Systems managing director Fritz D8217;Silva.
The non-convertible debentures of Rs 180 crore issued by the ompany to a consortium of investors in December 1999 were converted for equity shares of GECS at a base price of Rs 200 during the quarter. This has also resulted in profit on sale of investments of Rs 131.9 crore.
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