Tulip Telecom has reported its results for the fourth quarter ending December 31, 2012.
The company has registered a consolidated net loss of Rs 849.9 million for the period under consideration. In comparison, it posted a net profit of Rs 772.5 million for the fourth quarter ending December 31, 2011.
Tulip Telecom’s revenues declined from Rs 6,865.9 million in the fourth quarter ending December 31, 2011 to Rs 5,286.6 million for the corresponding period in 2012.
During the quarter under review, the company initiated discussions with lenders to restructure its debt with longer maturity periods under a corporate debt restructuring mechanism. Tulip Telecom has about Rs 27 billion as debt, which includes Rs 78 billion in foreign currency convertible bonds, Rs 60 billion worth of term loans, non-convertible debentures amounting to Rs 54.50 billion and external commercial borrowing worth Rs 34 billion.
