MTNL Q3 net drops 58% to Rs 201cr

MTNL reported a 58.36% decline in net profit at Rs 200.98 crore for the third quarter ended December 31, 2004 when compared with Rs 482.69 crore in Q3FY04.

The company's income from services declined to Rs 1,261.49 crore as against Rs 1,526 crore in the year-ago period. Staff expenses went up by Rs 67.79 crore to Rs 412.48 crore.

"Higher profits in the third quarter of the previous year were not comparable due to change in depreciation policy in Q3 of the previous year," an official statement said yesterday.

The board of MTNL also declared an interim dividend of 20%, the release added.