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VSNL posts Rs 13.25 billion profit

Videsh Sanchar Nigam Limited has drawn plans for investing Rs 50 billion in various projects during the Ninth Five-Year Plan period.

T O D A Y

• Code Wars • IT market cap balloons • Sun targets govt jobs • E-comm expert group • VSNL results

The plan outlay was revised to nearly Rs 70 billion by the management, said VSNL Chairman and Managing Director S K Gupta at the annual general meeting of the company in Bombay today.

The telecom major plans to invest Rs 8.5 billion on additional capacity in undersea cables and Rs 4.3 billion on additional satellite Earth stations and related equipments.

A total of Rs 944 million will be invested in acquiring microwave systems and Rs 2.5 billion in ATM switches.

''Gateway exchanges will be set up at Kanpur, Bangalore and Hyderabad at a cost of Rs 440 million. VSNL will invest Rs 110 million for electronic data interchange facilities and Rs 200 million for videoconferencing,'' said Gupta.

The public sector company has posted a record profit of Rs 13.25 billion for 1998-99, marking an increase of 36.89 per cent over its net profit of Rs 9.68 billion made last year.

It is for the first time that the net profit has crossed the Rs 10 billion mark.

The company's revenue grew to Rs 71.75 billion, a growth of 11.49 per cent as compared to previous year's Rs 64.36 billion.

VSNL's revenue includes a foreign exchange earning component amounting to Rs 47.37 billion.

UNI

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