State-owned Mahanagar Telephone Nigam Ltd (MTNL) Thursday reported narrowing of its standalone loss for the three months ended March 2019 to Rs 755.51 crore, helped by lower expenses.
The crisis-ridden company had posted loss of over Rs 900 crore in the corresponding period last year.
MTNL's revenue from operations stood at Rs 536.8 crore for the fourth quarter, up 9 per cent as compared with Rs 492.3 crore in the year-ago period, the company said in a regulatory filing.
The telecom PSU's total expenses reduced 7.6 per cent to Rs 1,440.8 crore.
However, consolidated loss widened to about Rs 3,388 crore for the full year ended March 2019 from Rs 2,970.9 crore in 2017-18.
Revenue from operations during the same period fell over 15 per cent to Rs 2,085.41 crore.
"The networth of the company has been fully eroded; the company has incurred net cash loss during the current year ended 31.03.2019 as well as in the previous year and the current liabilities exceeded the current assets substantially," the filing said.
"However, the standalone and the consolidated...financial statements are prepared on going concern basis in view of the company being a government company and Department of Telecommunication taking up the case of revival of the company for government approval," it added.
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