Tata Comms posts $129m loss on Neotel

Nicole McCormick
01 Jun 2010
00:00

Global bandwidth carrier Tata Communications has recorded a full-year loss, mostly due to its stake in South African firm Neotel.

However, it turned around its operating result, posting ebitda of 10.12 billion rupees ($218.7m) in the year to March, compared with a 13.66 billion rupees loss the previous year.

The firm reported a net loss of 5.98 billion rupees ($129m) for the year, held down by a 4.64 billion rupees loss from its 49% holding in South African operator Neotel and a 4.1 billion rupees depreciation hit.

Sales grew 10.7% to 110.26 billion rupees. India-only ebitda increased 10.9% to 1.97 billion rupees, which was 34% ahead of Credit Suisse’s estimates.

Management said the growth was driven by stable pricing and rising volumes in the data segment.

During the year, Tata Communications signed a five-year agreement to become BT’s main IDD supplier outside the UK.

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