GTL Limited has reported net profits of Rs 8.53 million for the quarter ended June 2014 against the net loss of Rs 1,259.49 million for the quarter ended June 2013. The revenues for the company improved by six per cent from Rs 5.61 billion in April-June 2013 to Rs 5.95 billion for April-June 2014.
For the networks segment of its business, the company experienced growth in profits by two per cent from Rs 2.98 billion for the quarter ended June 2013 to Rs 3.04 billion for the quarter ended June 2014.
A major change in the financials has been brought about by the inclusion of exceptional items for calculating the net profit/loss for April-June 2014. These items include the payment of Rs 3.54 billion from Aircel Group which inter-alias includes the payment for settlement towards the vendors for various claims. Also, the remission of Rs 424.9 million as the principal liability on account of certain settlement of bank liabilities has been included in exceptional items.
