MTNL Q2 bottomline drops 35%

By SiliconIndia   |   Friday, 25 October 2002, 07:00 Hrs
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MUMBAI: Mahanagar Telephone Nigam Limited, set up by the Government of India to upgrade the quality of telecom services, expand the telecom network, said Friday that posted a 35.41% drop in net profit at Rs 246.94 crore for the quarter ended September 30, 2002 when compared with Rs 382.34 crore in Q2FY02.

Income from services declined 9% to Rs 1,470.44 crore from Rs 1,621.13 crore in the corresponding period of the last fiscal.

Other income, too, dropped to Rs 57.53 crore from Rs 85.13 crore.

The stock was down 4% (Rs 3) at Rs 92 on the BSE at 1420 hrs.

The capital expenditure during 2001-02 was Rs 8.22 billion as against 8.88 billion in 2000-2001 and the capital expenditure for both the years was fully met by internal resources. Assets have risen from 9.79 billion in the year 1986-87 to 114.83 billion approximately in the year 2001-02.

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