GTL Ltd reports Q1 net loss of Rs 249.60-cr

Network services firm GTL Ltd today reported a net loss of Rs 249.60 crore for the first quarter ended June 30.
The company had reported a net profit of Rs 85.39 lakh in the corresponding quarter of the last fiscal, it said in a filing to BSE.
Total income of the company also declined to Rs 319.51 crore for the reported period as compared to Rs 595.24 crore in the same period, last year.
GTL said in view of overall set back in its business operations and factors beyond management control, in the last few years, the company has incurred cash losses which has resulted in erosion of entire net worth of the company.

"The company's current liabilities are higher than its current assets," the filing added.
The filing said during the previous year, some of the ECB lenders and NCD holder initiated legal proceeding including winding-up petition filed by NCD holders.
"These matters are currently sub-judice," it added.
Shares of the company today closed at Rs 13.94 a scrip on BSE, down 1.06 per cent.