State run telecom provider Mahanagar Telephone Nigam Limited(MTNL) has announced financial results for the quarter ended 31st December 2010. The company’s total earnings saw an increase of 0.83% YoY,closing at Rs 922.52 crore in comparison to last year’s Rs 914.90 crore, although it declined by 15.7% sequentially. For MTNL as a whole, the net loss for Q3-11 was Rs. 671.04 crore, compared with Rs. 604.89 crore loss the previous quarter, and a loss of Rs. 919.9 crore for the same quarter last year.
The loss is being attributed to one time charges on account of 3G spectrum and BWA liability of Rs.11097.97 crore, for which Rs. 157.61 crore has been amortized for the quarter. An amount of Rs. 326 crore is accounted for by MTNL “towards wet lease for infrastructure and other services provided by MTNL in respect of Commonwealth Games”. This includes Rs 84 crore accounted for during the current quarter.
We will update the post when we get more information from MTNL.