India's Tata Communications has recorded its third straight year of annual net losses, after its fourth quarter loss widened by over 66%.
The subsea cable and tier-1 IP network operator recorded a net loss of 7.95 billion rupees (€110 million) in the year to end-March, up from 7.77 billion rupees in FY11. For the fourth quarter, Tata Comm's loss grew to 2.61 billion rupees from 1.56 billion rupees in the same quarter a year earlier.
Tata Comm’s losses come despite it growing gross group revenues for the year nearly 16% to 141.96 billion rupees, and consolidated ebitda 46%. Revenue from global voice services increased 16% in FY12, while income from global data services swelled by 18%.
Neotel, Tata Comm's South African venture that has been a drain on the company's finances, ended the year ebitda positive for the first time. Revenue from Tata's start-up business – which comprises primarily of the 56% stake in Neotel – also nearly tripled to 17.38 billion rupees.
In March, Tata Comm launched two new subsea cables in Eurasia and the Middle East, revealing it has now completed the first ever round-the-world fiber ring.