Ortel narrows Q3 net loss to Rs 12.68 cr
MUMBAI: Multi System Operator (MSO) Ortel Communications has reduced its quarterly net loss to Rs 12.68 crore in Q3 FY19 compared to Rs 17.62 crore in Q2 FY19.
Revenue from operations has fallen to Rs 25.41 crore as against Rs 31.56 crore in the trailing quarter. Expenses have dropped to Rs 38.69 crore from Rs 49.9 crore.
Operating profit from the cable business has dropped to Rs 2.65 crore from Rs 6.02 crore. Revenue from the segment has dropped to Rs 20.35 crore from Rs 25.67 crore.
The broadband segment operating profit has fallen to Rs 6.1 lakh from Rs 3.1 crore. Revenue has declined to Rs 2.07 crore compared to Rs 3.3 crore.
Ortel is undergoing Corporate Insolvency Resolution Process (CIRP) based on the application filed by Sony Pictures Networks India (SPNI). The National Company Law Tribunal, New Delhi Bench had passed an order dated 27th November for the commencement of the CIRP. Srigopal Choudhary has been appointed as Resolution Professional (RP) to carry on the functions as defined under the provisions of the code.
As per Section 17 & 18 of the Code, from the date of commencement of CIRP, the powers of Board of Directors of Ortel communications stand suspended and such powers, as well as management of the affairs of the company, is now vested in the Resolution Professional (RP).