Posted by Yogesh on Saturday, 25 October, 2008
MUMBAI: Ratan Tata-led Tata Communications, which was formerly known as Videsh Sanchar Nigam Limited, on Saturday said its net profit for the second quarter ended September 30 fell by 62.77 per cent at Rs 32.64 crore over the corresponding period a year ago.
The company had a net profit of Rs 87.69 crore for the September quarter last fiscal, Tata Communications Ltd said in a filing to the Bombay Stock Exchange.
Total income rose to Rs 1028.08 crore for the quarter under review from Rs 836.24 crore for the September quarter previous year.
While, for the six months ended September 30, 2008, Tata Group firm posted a net profit of Rs 130.97 crore, a 39.73 per cent decline compared with Rs 217.34 crore for the same period last year.
Shares of the company fell by 15.69 per cent on Friday and closed at Rs 364.35 on the BSE. Source The Times of India
Posted in Financial Result | Tagged: Q2, Tata Communications | Leave a Comment »
Posted by Yogesh on Saturday, 25 October, 2008
MUMBAI: Naresh Goyal-led Jet Airways on Saturday said it suffered a net loss of Rs 384.5 crore in this fiscal’s second quarter ended September 30, as against a net profit of Rs 28.3 crore in the year-ago period.
The airline said its revenue in the latest quarter was below expectations, primarily due to higher fuel and operational costs as well as lower flight occupancy.
The company’s total income in the reporting quarter has, however, increased to Rs 3,121.34 crore from Rs 1,818.55 crore in the year-ago period, the company said in a statement.
Jet is taking steps toward cutting costs and route rationalisation that should improve its operational efficiency and profitability, it added.
The airline added that its subsidiary, JetLite (formerly Sahara Airlines), has accumulated losses more than its net worth, but it plans to support the growth plans of the budget carrier that would eventually boost its revenue, net worth, and profitability.
Noting that Jet Airways has equity and preference investment aggregating to Rs 1,645 crore in JetLite and an amount of Rs 424.72 crore advanced on account of interest-free loans as on September 30, the company said equity investment in the latter is far in excess of the dues to the wholly-owned subsidiary. Source The Times of India
Posted in Financial Result | Tagged: Jet | Leave a Comment »
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