Hughes Tele Posts Rs 29 Crore Loss

Hughes Tele.com India, which is being taken over by the Tatas, has posted a net loss of Rs 28.8 crore for the second quarter ended September 2002.

The net loss for the second quarter is 21 per cent lower than the net loss in the same period 2001-02.

The basic telecom operator in the Maharashtra circle has reported a cash profit of Rs 2.5 crore compared with a cash loss of Rs 10.5 crore.

Revenues grew 40 per cent during the second quarter at Rs 86.4 crore from Rs 61.5 crore. Operating profit (excluding other income) also increased to Rs 17.1 crore from Rs 1.8 crore.