GTL sees 01/02 net down 40% YoY

By : |November 20, 2001 0

MUMBAI: Ttelecom and software services provider GTL Ltd. expects profit in
the current year, excluding extraordinary items, to fall 40-50 per cent and
revenue to drop 25-30 per cent, the company said in a notice to the Bombay Stock

GTL, formerly known as Global Tele-Systems, had warned earlier that lower
customer demand in international markets and project delays in the domestic
market would hurt its performance but had not given forecasts.

GTL’s net profit in the half-year ended September plummeted 80 per cent to Rs
510.4 million ($10.64 million), as revenue dropped 21 per cent from the same
period a year earlier. GTL said in the statement that it was changing its focus
as a result of the market situation.

The company said it would reduce emphasis on some of its application services
provider businesses like payment gateways, electronic fax and electronic data
interchange, but strengthen its call center business focus.

Its shares ended Tuesday down 5.89 per cent at Rs 99.85 on the BSE. The
benchmark exchange index closed down 1.49 per cent.

(C) Reuters Limited.

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