Sistema Shyam TeleServices Ltd (SSTL) on Monday reported a net loss of Rs 494 crore for the third quarter ended September 30, 2012 compared to a net loss of Rs 1,000 crore in the same period previous year.
However, consolidated revenue for the quarter rose 23 per cent to Rs 404 crore from Rs 328 crore in the corresponding period previous year.
“The telecom industry continues to suffer due to regulatory actions. Subscriber growth during the quarter also suffered on account of uncertainties in the operating environment and due to the predatory practices adopted by competition,’’ Vsevolod Rozanov, President and Chief Executive Officer, SSTL, said.
He said the company’s immediate priority is to look at the outcome of its curative petition filed in the Supreme Court and added that the company does not see any merger or acquisition before the Supreme Court’s outcome.
The company has invested Rs 6,550 crore on capacity expansions till September 30.
Consolidated debt from banks and financial institutions at the end of quarter stands at around Rs 8,064 crore, it added.