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Mahanagar Telephone Nigam Ltd on Wednesday said it has widened its net loss by 88.45 per cent at Rs 850 crore for the first quarter ended June 30, 2011, mainly due to expenditure on staff cost and retirement benefit.
The company had a net loss of Rs 451.4 crore in the April-June quarter last year.
Total income declined to Rs 843 crore during the quarter under review, against Rs 971.5 crore in the same period last fiscal. During the quarter, the company had actual payout on staff cost for retirement benefit at Rs 108 crore, up 60.71 per cent from Rs 67 crore in the year-ago period.
MTNL's operative revenue stood at Rs 813.18 crore during the period as compared to Rs 952.95 crore in the corresponding quarter of the last year. “This is on the account of MTNL's operations being geographically limited to the already saturated metros of Delhi and Mumbai, and MTNL is facing maximum competition from other operators,” the company said.
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