Telecom operator Suntel has posted a 451 percent growth in net profits for the first six months of this year, largely aided by a gradual drop in interest rates.
The countrys second wireless operator said its net profits topped Rs. 193 mn as against Rs. 35 mn reported in 2002.rn
rnBut revenues dipped 2.7 percent to Rs. 1.685 bn, earnings before interest, tax, depreciation and amortisation slipped 4.3 percent.rn
rn”The flat growth reflects a decrease in international revenue streams following the opening up of international operations in March 2003 and also reflects a constant tariff structure since April 2002,” Suntel told debenture holders.rn
rnWhile fully backing the governments deregulation process, Suntel is urging authorities to enforce a strong regulatory environment to manage the liberalisation process.rn
Suntel financial highlights for the yearrnending June 30, 2003