Mahanagar Telephone Nigam Limited (MTNL) has narrowed its standalone net losses from Rs 10.93 billion in the quarter ended September 2012 to Rs 9.47 billion in the corresponding quarter in 2013.
The operator has attributed the reduction in its net losses to lower provisions of retirement benefits. For the quarter ended September 2013, MTNL reported a provision of Rs 1.21 billion towards retirement benefits for its former employees. In comparison the company had extended retirement benefits worth Rs 3.78 billion in the quarter ended September 2012.
MTNL has reported a decline in its total income from Rs 8.42 billion in the quarter ended September 2012 to Rs 8.13 for the corresponding quarter in 2013. For the quarter under review, the operator?s payouts for salaries stood at Rs 8.2 billion.
With an aim to make the company profitable by 2017-18, MTNL has drawn a detailed roadmap, which comprises lowering its debt burden and investing Rs 5 billion annually for expanding its network.
