GTL Limited has reported an increase in losses from Rs 1.14 billion for the quarter ended December 2013 to Rs 4.25 billion for the quarter ended December 2014.
The sharp increase in losses was mainly due to a 35.28 per cent decrease in revenues, which fell from Rs 6.25 billion during October-December 2013 to Rs 4.62 billion during October-December 2014.
The company?s expenditure, however, registered a slight fall from Rs 6.14 billion for the quarter ended December 2013 to Rs 5.66 billion for the corresponding quarter in 2014. The expenditure is inclusive of the company?s losses on foreign currency transactions which accounted for Rs 56.92 million in October-December 2014.
With regards to its business segments, GTL reported a loss of 417.8 million for its network services business during October-December 2014, as against a profit of Rs 255.4 million in October-December 2013. The power management business of the company witnessed a huge increment in losses from Rs 211.2 million for the quarter ended December 2013 to Rs 570.8 million for the corresponding quarter in 2014.
