Mahanagar Telephone Nigam Limited (MTNL) has reported its financial results for the first quarter of 2013. The operators? losses have increased from 13.744 billion in the first quarter of 2012 to Rs 19.859 billion in the corresponding period of 2013. The company has attributed the increase in losses to high outgo for employee remuneration.
Employee costs increased from 12.369 billion in the first quarter of 2012 to Rs 19.273 billion in the first quarter of 2013.
In a filing with Bombay Stock Exchange, MTNL, said, ?Employee benefits for retirement benefits (provisions) have increased mainly on account of actuarial valuation consequent upon the second pay-revision of pension effective October 1, 2012 without arrear payment.?
MTNL?s total income increased from Rs 8.430 billion in the first quarter of 2012 to Rs 9.185 billion for the corresponding period in 2013.
On a full year basis, MTNL?s net loss increased from 41.097 billion in 2012 to Rs 53.211 in 2013. The operators? total income increased from Rs 33.732 billion in 2012 to Rs 34.286 billion in the year 2013.
