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News >> Technology >>
VSNL Q4 net zooms to 
3.99 B
By agencies
|
Friday, 10 June 2005, 19:30 IST
MUMBAI: Profits from long-term investments have helped Videsh Sanchar Nigam Ltd (VSNL) report a huge bottom-line growth for the fourth quarter as well as for the whole year ended March 31, 2005.
Annual top-line growth, on the other hand, was rather modest and hampered by falling tariffs, despite the growth in volumes. The company reported a net profit of Rs 3.99 billion for the fourth quarter of fiscal 2005 against Rs 822 million in the corresponding year-ago quarter.
This was largely due to a net gain of Rs 4.68 billion during the year, most of it in the fourth quarter, from the sale of its investments in New Skies Satellites and Intelsat Ltd.
Total income for the quarter rose 14.8 percent to Rs 9.34 billion. Profit before taxes and exceptional items moved up 4 percent to Rs 1.60 billion.
For the year as a whole, net profit at Rs 7.56 billion doubled, aided again by the one-time gains made by the company. The net profit for the previous year was Rs 3.77 billion. The total income rose by a little over one percent, to Rs 34.10 billion.
The total expenditure for the year dipped marginally, to Rs 25.34 billion from Rs 26.34 billion last year. This was mainly due to lower network costs.
Depreciation stood at Rs 2.44 billion. Profit before taxes and exceptional items for the year was up 11 percent at Rs 6.32 billion. Profit before tax almost doubled to Rs 10.54 billion from Rs 5.43 billion. The board has recommended a dividend of 45 percent as well as a special dividend of 15 percent.
The consolidated yearly results of the company showed a net profit of Rs 7.08 billion and a total income of Rs 34.12 billion. There are no comparable results for the previous year, with this being the first occasion of the company reporting consolidated results.