Ortel Communications (Ortel) has announced its financial results for the quarter ended September 30, 2017.
• Q2 FY2018 performance overview compared with Q2 FY2017
• Total Income stood at Rs 448 million from Rs 534 million
• EBITDA came in at Rs 92 million compared to Rs 164 million
• EBITDA margin stood at 20.5 percent
• Net Loss stood at Rs. 57 million compared to Profit After Tax of Rs. 20 million
• EPS amounted to Rs. (1.89) per share
Commenting on the performance, Bibhu Prasad Rath, President & CEO at Ortel Communications said: "Our performance during the quarter further weakened due to multiple challenges faced by us including severe competition in our core market, collections shortfalls, repayment of debt as well as integration issues among others. Financial year 2018 has been a difficult year for us on all the fronts and we are actively working towards restoring the business performance.
We have taken many firm steps to turnaround our performance over the last few months, and we expect operations to improve going forward. However, we will take one year to fully stabilize our business. In the near-term, our main effort is to improve cash collections, which will help us through this difficult phase of the Company.
We remain committed to our B2C 'last mile' business model and believe it will help us through this tough operating environment."
Shares of Ortel Communications Ltd was last trading in BSE at Rs.34.65 as compared to the previous close of Rs 37.2. The total number of shares traded during the day was 70165 in over 228 trades.
The stock hit an intraday high of Rs. 40.9 and intraday low of 34.15. The net turnover during the day was Rs. 2650479. – Equity Bulls