Tulip Telecom has posted its financial results for the quarter ended June 30, 2013. For the period under review, the company has reported a consolidated net loss of Rs 1.57 billion as against a net profit of Rs 1.16 billion in the second quarter of 2012.
Further, the company?s total revenue declined from Rs 7.16 billion in the second quarter of June 2012 to Rs 2.54 billion for the corresponding quarter in 2013.
Tulip Telecom had initiated a master restructuring agreement with its corporate debt restructuring (CDR) lenders in July this year. The CDR package includes a 12-year repayment plan, reduction in interest rates by around 2.5 per cent, a 1.5 year moratorium on interest and a 2.5 year moratorium on principal.
