GTL reports net loss of Rs 2.49 billion
GTL Infrastructure Limited has posted financial results for the quarter ended June 30, 2015. The company has reported a net loss of Rs 2.49 billion for the quarter ended June 30, 2015. The company had reported a net profit of Rs 8.5 million for the corresponding quarter in 2014. Total income of the company has declined from Rs 5.95 billion for the quarter ended June 30, 2014 to Rs 3.19 billion for the quarter ended June 30, 2015.
GTL has attributed the decline in profits to the overall slowdown in the telecom industry during recent years, slow growth of 3G technology, failure of spectrum auctions and inflationary costs of power and fuel. Due to the overall set back in its business operations and factors beyond management control, the company incurred cash losses which have resulted in erosion of entire net worth of the company.
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