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Journalism of Courage
NEW DELHI, JANUARY 31: Mahanagar Telephone Nigam MTNL has incurred a 6.7 per cent loss in revenue from operations, but the net profit has gone up by about seven per cent at Rs 364.2 crore on account of changed taxing structure for the third quarter ended December, 1999.
Total revenue for the period declined to Rs 1218 crore from Rs 1,306 crore the same period in 1998, chairman and managing director S Rajagoplan told reporters after the board of directors meeting here today.
Net profit for the nine-month period was almost stagnant at Rs 1,012 crore against Rs 1,015 crore in the same period the previous year, he said. However, revenue from operations has slipped to Rs 3,703 crore from Rs 3,910 crore for the nine months registering a decline of 5.29 per cent.
Commenting on the peformance, Rajagopalan said decline in revenue was mainly on account of the negative impact of the new tariff that came into effect in May last.
He said the time was not set for further rebalancing of tariff, especially for reduction in long distance calls. quot;there will be pressure and that is why we are looking for diversification,quot; he said adding, the company was not against increase in rentals.
He said the company expected a change in the last quarter with a massive surge in registration and neutralisation of negative impact of tariff rebalancing.
