First Business News Portal in English from Nepal
KATHMANDU: Nepal Telecom‘s profit declined in the last fiscal year 2077-78. As per the telco’s financial report, the company’s total earnings dwindled by over 2.3 billion compared to the previous fiscal year.
In FY 2077-78, the company earned a profit of Rs 7.45 billion while in 2076-77, the company’s incomes had stood at 9.74 billion.
Meanwhile, NT has improved its earnings from its core services. In 2076-77, NT had earned service revenues of 34.61 billion while the company’s earnings from core services reached to Rs 35.9 billion, an increment by 3.7 percent on a year-on-year (YoY) basis.
NT has attributed its shrink in profits to the below factors including reduced economic activities due to the Covid-19, reduced interest rates from the banks and financial institutions on the company’s deposits, highly cost-effective data packs for the customers during the pandemic by keeping the lowest profit margins, huge fall in revenues from roaming with Covid-19 related bans on travels and increase in OTT platforms, increase in the minimum wage for human resources, maintenance costs, and fluctuations in currency exchange rates, increased investments for 4G and FTTH expansions across the country, among others.
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