State-run firm MTNL today said its Chairman and Managing Director Narendra Kumar Yadav has resigned. Director (Finance) P K Purwar has been given the additional charge of the CMD’s post, MTNL said in a BSE filing. “Narendra Kumar Yadav has relinquished the charge of CMD of the company w.e.f. June 8, 2016. P K Purwar, Director (Finance), MTNL has been entrusted with the additional charge of the post of CMD,” it said. Also Read - Airtel 5G Mumbai trials show download speeds of 1.2Gbps, upload at 850MbpsAlso Read - Jio maintains lead in 4G download speed, Vi in upload in May: TRAI
The telecom firm, which has operations in Delhi and Mumbai circles, expects to post operational profit at the end of the current financial year and turn profitable in 2017-18. The state-run telecom firm has been running in losses since 2009-10. At the end of March 2016, the company had 3,56,085 wireless subscribers and 3,504,088 wireline users, according to Telecom Regulatory Authority of India‘s data. Also Read - Let our firms take part in 5G trials, China tells India
Earlier this month, MTNL announced that it expects to post operational profit at the end of the current financial year and turn profitable in 2017-18.The PSU reported operating loss of Rs 526.42 crore for the Janaury-March quarter of 2015-16. However, it was able to post a net profit of Rs 174.58 crore for the quarter on account of refunds for surrendering CDMA spectrum. For the full 2015-16 fiscal, it reported operating loss of Rs 1,944.60 crore on standalone basis. For the fiscal ended March 31, 2016, MTNL s standalone net loss narrowed to Rs 2,005.74 crore, from Rs 2,893.39 crore a year-ago period.
With additional inputs