New Delhi, June 19: MTNL has reported 33% dip in net profit to Rs 877.1 crore for the year ended March 31 against Rs 1,300.6 crore in the previous year. The company announced its audited results for financial year ’03, the turnover of the company has decreased to Rs 6,030.6 crore in the year ended March ’03 as compared to Rs 6,392 crore in the year ended March ’02.

The difference between the audited and unaudited results is less than 1%,” said RSP Sinha, director (finance) of MTNL. In the history of MTNL the audited results have been approved by the board on June 18, which is almost one-and-a-half months ahead of the usual time.
Despite the decline in net profit and revenue, the board of directors of MTNL have recommended 45% dividend. “This has also been recommended keeping the interest of the shareholders in mind. MTNL will also have to bear 12.81% tax (including surcharge) on dividend, which will be free of tax in the hands of shareholders,” according to a press release issued.
It said that the reduction in net profit was mainly on account of decrease in income and increase in expenditure in the current year. Bureau Report