Mahanagar Telephone Nigam Limited (MTNL) has said its net loss has increased by 88.45 per cent to reach Rs 8.50 billion for the quarter ended June 30, 2011. The company has attributed this to various staff-related expenditure, including retirement benefits.
The company has posted a net loss of Rs 4.51 billion in the April-June 2010 quarter. MTNL?s total income fell to Rs 8.43 billion during the quarter under review, as against Rs 9.71 billion in the same period in the last fiscal.
During the quarter, the company?s actual payout on staff costs for retirement benefits stood at Rs 1.08 billion, a 60.71 per cent increase from Rs 0.67 billion in the same period last year.
The company?s total expenditure stood at Rs 11.75 billion during the first quarter, a nearly 6 per cent increase over the same quarter last year. MTNL’s operative revenue was Rs 8.13 billion during the period, as compared to Rs 9.52 billion in the corresponding quarter last year.
The company has attributed this to its operations being limited to Delhi and Mumbai and the competition it faces from other operators.
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