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Airtel To Shut Its 3G Network By The End Of This Financial Year: Report
Airtel might shut down its 3G network across the country by the end of the current financial year. This move falls in line with its strategy to increase its focus on providing 4G services. The company has already started the process when it shut down the 3G network in the Kolkata circle in June this year.
By September this year, the company will shut down its 3G operations in 6-7 circles, while the remaining circles will be targetted by March next year.
"By September, the shutdown will be affected in 6-7 more circles and between December and March the entire 3G network would be shut down, "Gopal Vittal, CEO (India and South Asia), Bharti Airtel, said during the company's post-earnings call.
This also marks as the first phase-out of 3G technologies in India, where the telcos are focusing on providing 4G services.
Airtel Post Rs 2,866 Crores Loss In June Quarter
Airtel recently posted a loss of Rs. 2,866 crores for the June quarter, its first consolidated loss in 14 years, due to fierce competition in the Indian telecom market.
Airtel has logged a net profit of Rs 97 crore in the June quarter of the previous fiscal, according to a statement.
However, the revenue of the company rose by 4.7 percent to Rs 20,738 crore during the first quarter that ended in June 2019. India revenues were up 2.8 percent year on year (5.5 percent on an underlying basis) at Rs 15,345 crore, while Africa revenues increased 10.2 percent during the same period.
"After accounting for hit of Rs 14,454 million (Rs 1,445.4 crore) towards exceptional items (net of tax), the resultant net loss for the quarter ended June 30, 2019 came in at Rs 28,660 million (Rs 2,866 crore), compared to profit of Rs 973 million (Rs 97.3 crore) in the corresponding quarter last year and Rs 1,072 million (Rs 107.2 crore) in the previous quarter," the company said in its Q1 report.