The Hindu Business Line : BSNL net dips 12 pc

Bharat Sanchar Nigam Ltd (BSNL) has reported a 12 per cent drop in its net profits to Rs 8,940 crore for the fiscal year 2005-06 compared to Rs 10,183 crore in the previous year.

The company said that adjustments in income tax payments resulted in a drop in profits. The state-owned company registered an increase of 11.13 per cent in revenue during the year at Rs 40,177 crore. The operating profit was Rs 8,270 crore, a growth of 23.69 per cent.BSNL declared a dividend of Rs 1,175 crore, which is inclusive of interim dividend of Rs 375 crore for the fiscal year 2005-06. This was announced at the 6th Annual General Meeting (AGM) of the company held here on Tuesday , where the statement of financial result was adopted.

The company had invested Rs 8,892 crore in the expansion of the telecom network and new addition of telephone lines during the last financial year. BSNL also emerged as the largest service tax payer in India contributing more than Rs 10,000 crore to the national exchequer by way of taxes and levies.

The highlight of the performance in 2005-06 was the net addition of 82- lakh line including 77 lakh new cellular customers and launching of broadband services in all the major towns of the country.

BSNL plans to invest over Rs 17,000 crore to expand its network during the current financial year.

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BSNL net dips 12 pc