Kathmandu, Aug. 16 -- Nepal Telecom saw its net profit tumble 42 percent year-on-year for the fiscal year 2018-19 ended July 16, which it attributed to a steep licence fee, foreign exchange losses, and falling revenues caused by changing consumer tastes and preferences.
A consolidated interim financial report released by the state-owned telecom giant on Thursday shows that the net profit plunged to Rs10.20 billion in fiscal 2018-19 from Rs17.48 billion in fiscal 2017-18 after it was obligated to shell out Rs4.02 billion for the second renewal of its licence which had expired in 2014.
Things are not looking bright for the state-owned utility as it still has to pay around Rs16 billion in pending licence fees to the regulator, the Nepal Tele...