MTNL Q4 loss narrows to Rs 755.5 crore

By: |
Published: May 30, 2019 10:47:07 PM

However, consolidated loss widened to about Rs 3,388 crore for the full year ended March 2019 from Rs 2,970.9 crore in 2017-18.

The telecom PSU’s total expenses reduced 7.6 per cent to Rs 1,440.8 crore.

State-owned Mahanagar Telephone Nigam Ltd (MTNL) Thursday reported narrowing of its standalone loss for the three months ended March 2019 to Rs 755.51 crore, helped by lower expenses. The crisis-ridden company had posted loss of over Rs 900 crore in the corresponding period last year. MTNL’s revenue from operations stood at Rs 536.8 crore for the fourth quarter, up 9 per cent as compared with Rs 492.3 crore in the year-ago period, the company said in a regulatory filing. The telecom PSU’s total expenses reduced 7.6 per cent to Rs 1,440.8 crore.

However, consolidated loss widened to about Rs 3,388 crore for the full year ended March 2019 from Rs 2,970.9 crore in 2017-18. Revenue from operations during the same period fell over 15 per cent to Rs 2,085.41 crore.

“The networth of the company has been fully eroded; the company has incurred net cash loss during the current year ended 31.03.2019 as well as in the previous year and the current liabilities exceeded the current assets substantially,” the filing said. “However, the standalone and the consolidated…financial statements are prepared on going concern basis in view of the company being a government company and Department of Telecommunication taking up the case of revival of the company for government approval,” it added.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Colgate Palmolive rating: Hold – Covid-19 cast shadow on volumes in Q4
2Hindustan Zinc Rating: Buy — A steady performance in the quarter
3HDFC reports 22 per cent drop in net over spike in bad loans, provisioning