VSNL net zooms 121% to Rs 181 crore

Videsh Sanchar Nigam (VSNL) has posted a 121 per cent jump in its net profit at Rs 180.9 crore in the quarter ended December 31, 2003 compared with Rs 81.8 crore in the same quarter in the previous year.

Its net sales dropped 22.88 per cent to Rs 773.5 crore in the quarter under review against Rs 1,003 crore in the corresponding quarter of the previous year.

The company's bottom line was buoyed as it sold its entire investment in Inmarsat Ventures Plc during the quarter under review and gained Rs 94.1 crore. VSNL's total income has also declined to Rs 823.3 crore in the quarter under review compared with Rs 1044.6 crore.

The company's total expenditure has gone down to Rs 646.1 crore (Rs 832.7 crore in the third quarter of previous year) and depreciation stood at Rs 428 crore (Rs 356 crore).

VSNL management has reviewed and revised the reportable business segments to include international telephony, international private leased circuit, frame relay, telex and telegraph as a separate reportable segment "international telephony and related services" for the purpose of evaluating performance and to facilitate decision making on future allocation of resources, the company informed the Bombay Stock Exchange.

Revenues from its international telephony and related service has dropped 29.5 per cent at Rs 662.3 crore compared with Rs 940.4 crore while revenue from other services has marginally gone up Rs 111.2 crore compared with Rs 107.9 crore in the same quarter of the previous year.