NT’s net profit fell 23.5 percent in FY 2020/21

KATHMANDU, August 16: Nepal Telecom (NT) made an annual net profit of Rs 7.45 billion in the last fiscal year, a straight fall of 23.5 percent compared to that of the previous year.

In the fiscal year 2019/20, the NT earned a net profit of Rs 9.74 billion. The recently published financial report of NT shows that the amount declined by Rs 2.29 billion in 2020/21.  

NT in its press statement has attributed the fall in its net profit to the ongoing risk of the COVID-19 pandemic and a decline in its interest earnings from banks. Citing the impacts of the pandemic, NT time and again has been offering data packages at lower costs to its customers.

According to the NT’s annual financial report, the state-owned telecom giant has been facing increasing challenges to maintain its revenue and profits in recent years. The state-owned company witnessed a 12.3 percent decline in the annual net profit to Rs 9.74 billion in 2019/20. In the fiscal year 2018/19 too, the net profit of the company had plunged to Rs 10.20 billion from Rs 17.48 billion in the fiscal year 2017/18.