VSNL's Q2 net up 6.1%, meets forecast

NEW DELHI: Telecoms giant Videsh Sanchar Nigam Ltd. (VSNL) reported on

Tuesday second-quarter net profit rose 6.1 per cent from a year earlier, in line

with analysts' expectations.

The state-run monopoly overseas telecommunications provider and India's

biggest Internet access provider said its net profit for the July-September

quarter rose to Rs 3.685 billion or Rs 12.93 a share from Rs 3.472 billion or Rs

12.18 a share a year earlier.

Net sales for the firm, one of the top privatization picks of the government

this year, fell 4.6 per cent to Rs 15.95 billion from Rs 16.73 billion.

A Reuters poll of 14 brokerages forecast VSNL's second-quarter net profit

would increase by a median 6.05 per cent to Rs 3.682 billion. Estimates ranged

from Rs 3.502 billion to Rs 4.325 billion.

The New York Stock Exchange-listed VSNL's shares were up 1.3 per cent at Rs

228.70 on the Bombay exchange soon after the results, which were released during

market hours. The 30-share Bombay exchange benchmark index was down 1.66 per

cent at that point.

(C) Reuters Limited.