Telcos’ 2016-17 pre-tax losses broaden to Rs 38,153 cr

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New Delhi, March 28 (IANS) Pre-tax losses of telecom companies have broadened to Rs 38,153 crore during financial year 2016-17 from Rs 1,699 crore in the previous fiscal, the Parliament was informed on Wednesday.

“Based on audited/unaudited information submitted by telecom service sector companies to TRAI (Telecom Regulatory Authority of India), the profit before tax (PBT) for the telecom service sector companies has decreased from Rs (-) 1,699 crore for the financial year 2015-16 to Rs (-) 38,153 crore for the financial year 2016-17,” Communications Minister Manoj Sinha said in a written reply to the Lok Sabha.

He said for the financial year 2016-17, 24 out of a total of 50 companies have shown losses before tax.

“Government ensures healthy competition in telecom sector. Recently, TRAI has reiterated the regulatory principles of non-predatory, non discrimination and transparency in tariff offers vide Telecommunication Tariff (63rd Amendment) Order, 2018 on February 16, 2018,” Sinha said.

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According to data provided by Sinha, losses of MTNL for 2016-17 stood at Rs 2,941.08 crore and that of BSNL at Rs 4,793 crore.

–IANS

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