MTNL 3Q 2008 results reveals drop in net profit, revenue (India)
State-owned Indian telco Mahanagar Telecom Nigam ltd (MTNL) has reported financial results for the three months ended 31 December 2008, revealing a drop in net profit to INR583 million (USD11.9 million) from INR942 million in 2007. The fall has been attributed to the merger of 50% of dearness allowance (DA) with basic pay, leading to staffing costs increasing from INR4.33 billion to INR5.89 billion. Revenue for the operator meanwhile fell by 4.5% to INR11.3 billion. During the quarter MTNL increased its wireless subscribers by 222,079, bringing its total to 3.89 million, while customers taking broadband services from the telco rose by 42,379 to 645,784.