The state-run company had posted a net loss of Rs 900 crore in the corresponding quarter of financial year 2017-18
New Delhi: Telecom service provider Mahanagar Telephone Nigam Ltd (MTNL) narrowed its standalone loss in the fourth quarter of financial year 2018-19 to Rs 755.51 crore, primarily due to lower expenses. The state-run company had posted a net loss of Rs 900 crore in the corresponding quarter of FY2017-18. However, the PSU’s consolidated loss widened to about Rs 3,388 crore for the entire financial year ended March 2019 from Rs 2,970.9 crore in 2017-18.
Revenue at Rs 536.8 crore for Q4
The company’s revenue from operations stood at Rs 536.8 crore in Q4, up 9 percent from Rs 492.3 crore it posted in the year-ago period, a regulatory filing by MTNL said. However, for the entire year, revenue from operations fell over 15 percent to Rs 2,085.41 crore. The PSU’s total expenses reduced 7.6 percent to Rs 1,440.8 crore.
‘Networth has been fully eroded’
“The networth of the company has been fully eroded; the company has incurred net cash loss during the current year ended 31.03.2019 as well as in the previous year and the current liabilities exceeded the current assets substantially,” the filing said.
“However, the standalone and the consolidated…financial statements are prepared on going concern basis in view of the company being a government company and Department of Telecommunication taking up the case of revival of the company for government approval,” it added.