State-owned Mahanagar Telephone Nigam Ltd (MTNL) on Tuesday reported widening of losses for the quarter ended June 30, 2018 to Rs 9.43 billion.
The losses stood at Rs 7.03 billion in the corresponding period of 2017-18, according to MTNL’s regulatory filing.
A household telephony brand in the 90s and early 2000, MTNL’s revenue and profitability have come under tremendous pressure with intensified competition in mobile and landline telephony services.
The PSU which operates in the service areas of Mumbai and Delhi garnered Rs 4.92 billion in revenue from operations during June quarter, 25 per cent lower than Rs 6.57 billion notched in the year-ago period.
At Rs 15.51 billion, its expenses for the quarter were a tad higher compared to the year-ago period.
MTNL scrip closed at Rs 15.45 a share on BSE, about 0.64 per cent lower than the previous closing. – Business Standard