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 7 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 1,218 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 on Monday.
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.
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.
Telecom major to invite bids for auditors
Mahanagar Telephone Nigam Ltd (MTNL) has invited fresh bids for appointing international auditors for preparing its financial accounts in line with the US accounting practices, a pre-requisite for listing on the New York Stock Exchange (NYSE).
"The board of directors on Monday approved the listing at NYSE. By March 15, we would like to get listed on the stock exchange," MTNL chairman and managing director S Rajagopalan said.
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