GTL Limited has reported an increase in losses from Rs 1.39 billion for the quarter ended September 2013 to Rs 2.06 billion for the quarter ended September 2014. However, the company posted a 23 per cent increase in its total revenues from Rs 5.34 billion in July-September 2013 to Rs 6.57 billion in July-September 2014.
The increase in losses despite improvement in revenues can be attributed to the increase in the company?s expenditure to Rs 7.47 billion for the quarter ended September 2014, as against Rs 5.35 billion for the corresponding quarter in 2013. The expenditure is inclusive of the company?s losses on foreign currency transactions which accounted for Rs 117.8 million in July-September 2014.
With regards to its different segments, GTL reported a decline in profits for its network services business to Rs 4.59 million in July-September 2014 from Rs 210.5 million in July-September 2013. The power management business of the company witnessed a huge increment in losses from Rs 142.58 million for the quarter September 2013 to Rs 953.34 for the corresponding quarter in 2014.
