Tata Comm posts €104m loss on Neotel

Global bandwidth carrier Tata Communications has recorded a full-year loss, mostly due to its stake in South African firm Neotel.
However, it turned around its operating result, posting ebitda of 10.12 billion rupees (€176 million) in the year to March, compared with a 13.66 billion rupees loss the previous year.
The firm reported a net loss of 5.98 billion rupees for the year, held down by a 4.64 billion rupee loss from its 49% holding in South African operator Neotel, and a 4.1 billion rupee depreciation hit.
Sales grew 10.7% to 110.26 billion rupees. India-only ebitda increased 10.9% to 1.97 billion rupees, which was 34% ahead of Credit Suisse’s estimates.
Management said the growth was driven by stable pricing and rising volumes in the data segment.
During the year, Tata Communications signed a five-year agreement to become BT’s main IDD supplier outside the UK.